Tungsten overhauls SME payments proposition

Finextra reported that Tungsten Network has strengthened its finance offer to thousands of firms in the UK and US with an overhaul of its Early Payment solution for SMEs. Launched by trade finance specialist Prabhat Vira, this proposition marks a new chapter in Tungsten’s history as an alternative finance provider.

Originally launched in 2015, Tungsten Network Early Payment has been offering flexible, transparent funding to many SMEs at the touch of a button. With the latest extension to the product, which enables lower rates to be charged alongside more transparency and flexibility, Tungsten hopes to increase the number of businesses it can provide finance for to support their growth and stability.

Prabhat Vira, President of Tungsten Network Finance:
“Access to finance is vital for businesses to survive and thrive, especially for SMEs, who make up the backbone of the world’s economy. This refreshed product – which enables SMEs to leverage their e-invoicing service with Tungsten to access highly competitive funding – will broaden the number of companies we can provide finance to, with the aim of helping them build and grow the businesses they own. Too often these agile and able businesses are overlooked for funding, something our offering seeks to address.”

“Tungsten Network Early Payment offers fully transparent funding, with an advance rate of 100 percent minus a small discount, significantly more favourable than the around 85% offered by similar schemes elsewhere. By taking advantage of early payments, and by being able to access funding from the same platform where they transact with their customers, SMEs can introduce more control to their cash flow, choosing when to get a cash injection depending on their day-to-day circumstances.”