At the heart of global trade are the billions of transactions happening every day. There are multiple touch-points by the players in these goods and services supply chains – each of which cost time and carry the possibility of human error. Meanwhile, increasing compliance demands stem from ever more intricate regulation. In response, businesses and governments today are searching for ways to remove friction and become more agile.

It starts with a click


At Tungsten Network, we aim to revolutionise the payment process through the use of unique technology that brings Buyers and Suppliers closer together, maximises efficiency and improves cash flow management.

• Security
• Compliance
• Automation
• Certainty
• Straight-through
• Digital signature
• Visibility
• Mobile Dashboard
• Analytics
Supplier improves working capital position by receiving Early Payment

Our solutions

Helping the global supply chain operate more efficiently and securely.

1. Purchase Order services

Before an invoice exists, Buyers and their Suppliers agree what is traded and on what terms through a purchase order. Tungsten Network facilitates the delivery, acknowledgment, variation and conversion of purchase orders into invoices.

Benefits for Buyers

Control over purchases

Visibility of acceptance on orders and purchase status

Ability to amend

Benefits for Suppliers

Speed of receipt of order

Ability to convert purchase order into an invoice

Tighter collaboration with customers

2. Invoicing services

Eliminating paper from the accounts payable process through e-invoicing and Invoice Data Capture increases the efficiency and accuracy of accounts payable teams. This includes enabling the straight-through processing of invoices through an automated match with a purchase order.

Benefits for Buyers

Automation of critical process

Reduction of fraud

Legal and tax compliance

Reduction in cost

Benefits for Suppliers

Confirmed invoice delivery

Legal and tax compliance

Visibility of invoice status –
including on mobile application

Secure invoice archiving

3. Workflow

Workflow automates accounts payable processes, providing an audit of purchasing from the point of order to payment. It optimises procure-to-pay to achieve business goals.

Benefits for Buyers

Automated three-way match

Straight-through processing

End-to-end visibility

Exception management

4. Analytics

Analytics gives visibility into purchases that leads to better informed spending. Our analytics improves procurement controls, ensures compliance with contracts and reduces costs.

Benefits for Buyers

Better buying decisions

Actionable insights

Easy to get started

Simple and secure

Customised reports

5. Supply chain financing

With Early Payment, Suppliers on Tungsten Network decide when to be paid. Buyers can take advantage of dynamic discounting or sponsor financing programmes.

Benefits for Buyers

Deepens supply chain liquidity

On or off balance sheet

Maximises working capital

Flexible cash management

Benefits for Suppliers

Easy to enrol 

Easy to use

Get paid early

Maximises working capital

6. Cross border payments

Tungsten Network has partnered leading payments provider Payoneer to offer cross-border payments in local currency at competitive rates.

Benefits for Buyers

Low fees

Quick payments



Our approach

Our vision is to be the world’s most trusted business transaction network.


Tungsten Network makes connections. Over 250,000 of the world’s companies and governments interact with each other over the Tungsten Network. We reduce friction in these interactions by facilitating quick, secure and efficient global trade.



Tungsten Network’s solutions connect accounts receivable and accounts payable teams across the world. Operating from the centre of the procure-to-pay process, Tungsten Network provides security, speed and surety to ensure the smooth running of global trade.

transactions processed

Security & Compliance

Transacting across Tungsten Network our customers can eradicate fraudulent transactions. Operating to the highest of industry standards, our products are secure, stable and reliable, complying with local tax and legal regimes in 48 countries.

of FTSE 100 live on
Tungsten Network


Tungsten’s interoperable network provides multi-modal connectivity between our customers, facilitating global trade. Through our portal customers can identify, transact with and send data to each other.

complex, international buying organisations

Our Business model

Our resources and relationships

Customer led, experienced and diverse workforce

Resilient, secure and scalable digital platform

Global network of collaborating customers

Expert in global tax compliance

Strong partnerships

Our goal is to be the world’s most trusted business transaction network

The value we create

Reduce AP costs

Control and optimise cash flow

Improve tax collections

Remove friction from global trade

Minimise carbon footprint

our strategic objectives

Focus on our core

Elevate our customer engagement by driving network benefits.

Improve operational performance

Use end-to-end digital processes to ensure that our people and processes deliver effectively.

Distinctive invoice financing

Leverage our Network and its data to deliver innovative financing products.

Expand adjacent services

Increase the value we provide to customers through adjacent services.

Strategy in action

Expanding our capabilities

Divya Eapen
Head of Operations & Risk, Tungsten Network Finance – London

A year ago, Tungsten Network Finance had a single financing product, with one funder. This product was available to only a small subset of the vast number of Suppliers on our Network...


Driving best practice

Ryan Enright
Client Relationship Manager – Atlanta

At Tungsten Network, Client Relationship Managers (CRMs) work with our service delivery organisation to understand customer requirements and provide them with our strategic solutions...

More on driving best practice

Casting a wider net

Abigail Myers-Antiaye
Compliance Officer – London

Tungsten Network is always looking to expand the reach of our platform, both to help our Buyer customers connect with more of their Suppliers, and to offer our services to a broader range of customers...

More on Casting a wider net

Working with Buyers to onboard Suppliers

Andrea Newlands
Project and Process Manager – London

I have been with Tungsten Network for over seven years in various roles and am now part of a team that helps Suppliers to become part of Tungsten Network...

More on working with buyers

Investing in our infrastructure

Mike Barbarelli
Senior Developer – London

I’ve been Senior Developer and Business Analyst at Tungsten Network since 2005. Technology has always been the foundation of our business, so we know that investing in our technological infrastructure to keep it current with the latest advances is essential to maintain high performance standards within our systems...

More on Investing in our infrastructure

Centralising our operations

Lau Lee Koon
Head of Financial Shared Services – Kuala Lumpur

When I joined the Company in April 2016 Tungsten Network offered me the opportunity to help oversee the creation of a Financial Shared Services Centre in Kuala Lumpur, and subsequently to head up this new centre of excellence within the Company...


Our Frictionless Market

Friction remains in today’s borderless, interconnected world. As both domestic and international trade continues to grow, so does the opportunity to support businesses and governments in their goods and services transactions by removing those frictions through digital solutions that automate processes, deliver efficiencies, increase transparency and combat fraud.

Pressure on operating margins

The need

Businesses and governments are increasingly seeking digital solutions to increase efficiency and reduce costs. The old labour-intensive processes of invoice creation, delivery, review, validation and processing have been improved through the adoption of modern enterprise resource planning systems and shared service environments. These only go so far in reducing the cost of operations.

The solution

Tungsten Network’s products and services reduce the cost of sending, receiving and processing invoices. Lowering these costs frees resources for alternate uses such as increasing competitiveness or capital investment.


Reduction in the processing cost per invoice available through automation

Security and global compliance

The need

Businesses and governments have to safeguard the security, integrity and validity of their data. Risks to this data increase when it flows between organisations and across international boundaries.

International rules governing supply chain invoicing requirements vary significantly. Ensuring adherence to these rules is critical to meeting local or regional tax and regulatory requirements.

The solution

Tungsten Network’s information security is certified to ISO 27001 standard. It complies with local or regional tax and regulatory requirements in 48 of the most complex jurisdictions in the world, supported by PriceWaterhouseCoopers. There is no other invoicing solution provider that can offer such global coverage.

ISO 27001 ISO 3402

Tungsten is certified under international standards for information security and controls

Invoice fraud

The need

Attempted and actual fraud is on the rise. Accounts payable teams need to be diligent to prevent fraud. A three-way match of invoice, purchase order and goods received documentation from an approved vendor is the proven process for overcoming supply chain fraud. However, exceptions occur and manual mistakes are still made.

The solution

With Tungsten Network, fraudulent invoicing is eradicated. Buyers can set their own rules to achieve an automated three-way documentation match. No supply chain invoices are able to slip through the net, resulting in no chance of fraud.


Average cost of fraud per SME in the UK per year

Late payments

The need

Cash is king. Late payments starve businesses of the cash they need to operate and to grow.

A 2016 study by the Federation of Small Businesses found that if late payments had been made on time and as promised, around 50,000 businesses in the UK would not have failed, contributing £2.5 million to the UK economy.

The solution

Tungsten Network reduces the time to send, receive and process an invoice, facilitating timely invoice payment.

Then, if required, our customers can take advantage of a simple, low cost option to receive early payment of their invoices.


Of payments made to UK SMEs are made late

Statements and reviews

Tungsten is a secure, growing business which has the confidence of its people, customers and shareholders. Our next milestone is to become profitable and that goal is firmly within our sights.

Nick Parker
Non-Executive Chairman
View full chairman's statement

Tungsten has evolved as a vibrant and agile technology business that helps accelerate global trade by operating a secure network connecting some of the world’s largest organisations to their supply chains.

Richard Hurwitz
Chief Executive Officer
View full Chief Executive’s Review

We have demonstrated control over our operating costs and are focussed on achieving breakeven this year.

David Williams
Chief Financial Officer


Group revenue

£31.3 million

Group EBITDA1 loss2

£11.8 million
1 EBITDA is defined as operating loss before other income, depreciation, amortisation, impairments and share-based payments charge 
2 Restated – please refer to Note 2

Statutory loss for the year 2

£12.5 million
2 Restated – please refer to Note 2

Total cash and invoice receivables

£21.8 million

1 million invoices added to increase total invoice volumes to 17.1 million (FY16: 16.1 million)

Average revenue per invoice increased from £1.61 to £1.82

Adjusted operating expenses3 increased by £0.7 million (2%) but reduced by £1.7 million (4%) on a constant currency basis through cost discipline, internal reorganisation and greater automation. A further £2.8 million reduction in adjusted operating expenses following the sale of Tungsten Bank

Tungsten Network Finance average invoice outstandings of £14.0 million in April 2017 (£12.2 million in April 2016)

10 new Buyers signed; 183 total Buyers as at 30 April 2017

41 existing Buyers renewed contracts with weighted average price increases of 49%; expected to add £1 million to revenue in FY18

48,000 net new Suppliers added to bring total Suppliers to 251,000

Launched new Invoice Data Capture and purchase order products. Mobile application for Suppliers to view invoice status also released

Restarted Tungsten Network Finance, concluding refreshed financing arrangements with Insight Investment and new funding partnerships with Orbian and BlueVine

Completed initial phases of efficiency programme to set up Finance and Human Resources Shared Service Centre in Malaysia