Insight IM to buy receivables from Tungsten

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Insight Investment Management, one of the brands owned by BNY Mellon, is to invest in receivables originated via Tungsten, the electronic invoice network that serves over half the Fortune 500 and two-thirds of the FTSE 100, accounting for some $2.7trn of spend annually.

The underlying asset will be invoices originated by Tungsten in Europe and North America, consisting of investment grade early payment receivables.

Terms of the deal are not disclosed, but it is expected to run over several years and consist of “several billion pounds” of investments.

The investment means Tungsten can finance continued development of its invoice proposition without issuing bonds. Tungsten also operates Tungsten Bank, which means users can raise deposits from both clients as well as buyer customers in supply chain finance activities.

Edmund Truell, group CEO of Tungsten and chairman of Tungsten Bank said: “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.”

 

ABOUT THE AUTHOR
Jonathan Boyd
Editorial Director of Open Door Media Publishing Ltd, and Editor of InvestmentEurope. Jonathan has over two decades of media experience in Japan, Australia, Canada and the UK. Over the past 16 years he has been based in London writing about funds and investments . From editing the newsletter of the Swedish Chamber of Commerce in Japan in the 1990s he now focuses on Nordic markets for InvestmentEurope.

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