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Tungsten growing fast

Tungsten's focus on e-invocing is making for impressive long-term growth credentials
July 9, 2014

The growth profile of Tungsten Corporation (TUNG), which operates the former OB10 e-invoicing platform, was again on display with its full-year figures this week. Sure, Tungsten's near start-up status - it only floated in October - means that it's still loss-making. But progress is proving to be rapid.

IC TIP: Buy at 287p

In the year to April, Tungsten processed $152bn-worth (£89bn) of e-invoices - a 21 per cent jump. New clients keep on rolling in, too, with big names such as GE and Caterpillar signed in the period and the group's network is now available in 46 countries. Tungsten is also making progress with its plans for invoice financing - specifically discounting - and has the funding to back this potentially lucrative business. Not only did it buy its own bank last month (the UK arm of the First International Bank of Israel) but it's also working with Blackstone Tactical Opportunities to establish a special purpose financing vehicle with an annual funding capacity of $10bn-$12bn.