Tungsten Bank launches e-invoicing in Germany, France, Italy
Tungsten Bank can now provide banking services in Germany, France and Italy following approval from the UK’s Prudential Regulation Authority, which has notified banking regulators in these markets that the is now authorised to provide services in their jurisdictions.
This authorisation will enable Tungsten to offer invoice financing to eligible European businesses who invoice their customers over Tungsten’s e-Invoicing network. To date, Tungsten Early Payment has been offered to companies in the UK and the US and Tungsten is now preparing its invoice financing solution for these mainland European markets.
“The payment practices of large corporations and the reluctance of established banks to lend to SMEs often creates working capital constraints for many businesses around the world,” said Edmund Truell, chief executive at Tungsten Group. “Tungsten Early Payment, offered through Tungsten Bank, was explicitly designed to service SMEs and allow them to simply and swiftly maximise their cash flow – all at the click of a button. One of the key reasons we acquired Tungsten Bank was to ensure we obtain approval to offer invoice financing in multiple territories around the world.”
