Insight Investments buys billions approved-to-pay, investment grade receivables from Tungsten Network

Insight, a leading global asset manager responsible for over £318 billion in assets under management, has agreed to purchase approved-to-pay, investment grade receivables originated through the Tungsten Network e-Invoicing platform. The funding to be provided under this multi-year agreement is expected to total several billion pounds.

This financing, together with the existing capital within Tungsten Bank, will provide the Company with all the required funding at this stage for its invoice finance proposition, so the Company no longer needs to pursue alternative financing options, such as a bond issue.

Edmund Truell, Group CEO of Tungsten and Chairman of Tungsten Bank:
“The agreement with Insight is a significant milestone in the development of Tungsten. We can now execute on our ambitious strategy for our Tungsten Early Payment invoice financing business, which is an important element of our future growth. We now have the wherewithal to finance invoices on a significant global scale, having already successfully financed invoices for UK-based Suppliers on our platform. Tungsten will now offer Tungsten Early Payment to a wider audience. These arrangements also help reinforce a key part of Tungsten’s financing proposition, which is to make available supply chain finance to Tungsten Early Payment Suppliers once they have taken cash advances.”

About Insight

Insight is a leading investment manager offering deep and broad fixed income capabilities. It has a long track record of breaking new ground in fixed income, with this being the latest example of innovation. From Insight’s perspective, trade receivables offer a potentially attractive risk/reward profile in the context of its clients’ broader investment strategies.

The future of Tungsten Network

Meanwhile, Tungsten continues to expand the Tungsten Network, and is working to extend its service to all G20 countries while aiming to bring onto the Network all of the invoice flow of our major Buyers. Following the DocuSphere acquisition earlier this year, the Company now has the technological capability to offer to finance the vast majority of approved-to-pay invoices to Suppliers, not just those received electronically on the Network. This would address the many billions in invoice value that are not currently being processed electronically.

Tungsten estimates that some $2.7 trillion of addressable spend could be transacted over Tungsten Network if Buyers used the Network for all the business they do with their Suppliers.