Tungsten Network is a business transaction platform that removes friction from the global supply chain.
18 years of connecting companies to enable tax-compliant e-invoicing
300k members of Tungsten Network
2 5%
25% reduction in accounts receivable costs for customers

spotlight on 2018

2018: Positioned for growth.

Enhanced Customer Proposition


100% of invoices sent through a single service provider

Changing how we think of customers

Tungsten Network’s customer proposition used to focus on the delivery of a compliant e-invoice from 'Supplier' to 'Buyer' and this was reflected in our suite of products and services. To do broaden our offering and the value we bring to our customers’ businesses, Tungsten Network has established the capacity to handle not only incoming invoices but also a range of outbound documents.

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Improved Operational Integrity


300k customers

Data-driven business

The manner in which we structure, store and process data is integral to Tungsten Network’s operations. Our people support 300,000 customers and need fast, easy access to the data and systems to succeed in their individual roles.

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Transition from legacy technology

£ 7.2M

£7.2m investment in technology

Stable and secure

Technology underpins everything we do. Over the course of 2017 and 2018 we transformed our technology infrastructure in order to deliver a platform that is stable and secure for our customers, while being scalable and sustainable for Tungsten Network.

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Our strategic objectives


Focus on our core


Improve operational performance


Distinctive invoice financing


Expand adjacent services

Our business model

Our resources and relationships

Resilient, secure and scalable digital platform

Customer led, experienced and diverse workforce

Global network of collaborating customers

Expert in global tax compliance

Strong partnerships

Minimise carbon footprint

Control and optimise cash flow

Reduce AP costs

Remove friction from global trade

Improve tax collections

The value we create

Chairman’s Statement

Tungsten Network has been stabilised and its turnaround is largely complete. Our focus now will be to capitalise on the operating leverage that we have created in order to generate positive cash flow and drive returns for our shareholders.
Nick Parker
Non-Executive Chairman



Development of a succinct, cohesive strategy. Included identifying how to take advantage of customer and market opportunities, taking control of and restructuring the operating cost base, relaunching Tungsten Network Finance and identifying product adjacencies.

Concluded with the sale of Tungsten Bank in December 2016.


Focus on new customer acquisition and new product sales into our existing customer base while continuing with the success of pricing our services to reflect the value that we provide.

Continued reshaping of the cost base through increased automation and the relocation of resources, and developing an ROI based approach to investment.


Transaction growth through new and current customer expansion. Increase in revenue per invoice through the introduction of a deeper range of products, including opportunities for inorganic product expansion.

Meaningful contribution to profits from Tungsten Network Finance.

Continued evolution of the cost base through execution of automation and efficiency programmes thereby releasing funds for further investment in sales, marketing and new products.


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.


On Network


Accounts Receivable

Currency conversion
Trade finance
Invoice status updates
Invoice sending
PO convert (e-invoice)
PO acknowledgement
PO delivery


Tungsten Network


Tax compliance

Rules validation


Invoice data capture
Other Networks
Invoice status updates
Invoice delivery
PO acknowledgement
PO upload


Accounts Payable


Our solutions

Helping the global supply chain operate more efficiently and securely.

Purchase Order services

Before an invoice exists, companies 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.

  • Control over purchases
  • Ability to acknowledge, amend, accept or reject
  • Visibility of status
  • Speed of receipt of order
  • Conversion into an invoice
  • Tighter collaboration with customers

Invoicing services

Eliminating friction from accounts payable or accounts receivable processes through e-invoicing and invoice data capture increases the efficiency and accuracy of accounting teams. This includes enabling straight-through processing of invoices through an automated match with a purchase order.

  • Automation of critical process
  • Reduction of fraud
  • Legal and tax compliance
  • Reduction in cost
  • Confirmed invoice delivery
  • Visibility of invoice status
  • Secure invoice archiving


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.

  • Automated three-way matching
  • Straight-through processing
  • End-to-end visibility
  • Exception management

Trade Finance

With a range of trade finance products designed for organisations large or small, customers on Tungsten Network can take control of their working capital by taking advantage of early payments or sponsor financing.

  • Deepens supply chain liquidity
  • On or off balance sheet
  • Maximises working capital
  • Flexible cash management
  • Easy to enrol
  • Easy to use
  • Get paid early


Analytics give visibility into purchases that leads to better informed spending. Tungsten Network analytics improve procurement controls, ensures compliance and reduces costs.

  • Actionable insights
  • Better business decisions
  • Easy to get started
  • Simple and secure
  • Customised reports


E-billing enables members of Tungsten Network to send digital invoices to 100% of their customers through a single service provider. This reduces the cost of getting paid, increases visibility and gives control over their working capital position.

  • Automation of critical process
  • Reduction days sales outstanding (DSO)
  • Visibility of outbound invoice data
  • Improved customer management
  • Increased control over working capital
  • Faster payments
  • Legal and tax compliance
  • Reduction in cost

the top 5 causes of friction

Friction constrains cash flow throughout the global supply chain. Tungsten Network’s business transaction platform removes this friction, allowing companies to better control their working capital.
View top 5 causes of friction


0 1

High proportion of paper invoices received

Paper is the primary source of friction in the global supply chain. Paper invoices carry the risk of loss, fraud or human error, and cost on average 150% more to process than an e-invoice.

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0 2

Too many non-purchase order backed invoices

Matching your invoices to the goods or services you provide can be extremely difficult. Particularly if you are receiving invoices in a several different formats in several different places and there’s no purchase order number.

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0 3

High volume of supplier enquiries regarding invoice or payment status

If invoices are sent in paper or PDF they can be difficult to track. This leaves accounts receivable departments with no visibility of the status of their invoice and requires accounts payable to respond to vendor enquiries.

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0 4

Lack of automated exceptions

Incorrect invoices have to be reissued, delaying payments and straining business relationships. Invoice exceptions can significantly impact cash flow as they extend payment terms in an uncontrolled manner.

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0 5

lack of automated approval

Manual checking of invoices leaves companies exposed to the risks of human error and fraud and causes delay.

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Chief executive’s review

We have brought Tungsten Network to an inflection point. We are now a diversified, multi-product business focussed on profitable growth.
Richard Hurwitz
Chief Executive Officer


Our goal is to be the world’s most trusted business transaction network, using data intelligently to strengthen the global supply chain. In early 2016 we identified four strategic priorities to achieve this goal and this year we made great progress in each of them.


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.

Our people

Focus on international promotions

The people at Tungsten Network make it a really exciting place to work.

Robert Cook,
Global Buyer Marketing Manager

"I was recently promoted to Global Buyer Marketing Manager after working for two and half years in the supplier enrolment team. This new role has given me the opportunity to widen the application of my marketing knowledge and expand it across the entire Tungsten Network business. This is a great opportunity for me to develop my skills further and use my knowledge to drive marketing programs across the business.

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I have always felt that Tungsten network has been able to help me develop.

David Hazel,
Data Analysis & Technical Operations Analyst

"Having been with Tungsten for three years I have already had the opportunity to work in a variety of departments, including Supplier Sales, Technical Operations, Analytics, Finance and Tungsten Network Finance. I even had the opportunity to work abroad for a year in Sofia. I have always felt that Tungsten has been able to help me develop and that opportunities to progress in the Company are there if needed. Not only have I gained wider knowledge of the Company but I have been able to develop myself hugely in such a short period of time, which is fundamental at the early stage of my career.

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I’ve met countless talented individuals, and my colleagues make Tungsten network a fantastic place to work.

Ashley Infantino,
Global Accounts Receivable Marketing Manager

"Since joining Tungsten Network in 2015, I have had the opportunity to take advantage of a culture of promoting from within. I began my time as a Marketing Coordinator, and have been promoted twice, most recently moving into the Global Accounts Receivable Marketing Manager role.

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if you have the right attitude and work hard, those efforts will be recognised.

Daniel Tammadge,
Solutions Architect

"I have been with Tungsten Network since September 2014, where I was initially employed as a Software Developer. Since joining the Company I have had the opportunity to work dynamically in a large team, and have seen my hard work rewarded with opportunities to take on increased responsibility and grow my role within the development team.

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Chief Financial Officer’s Review

We have continued to produce simultaneous revenue growth and cost control. We have reduced the EBITDA loss by 82% over the past three years.
David Williams
Chief Financial Officer

Financial Highlights

Group revenue
Statutory loss for the year2
Group EBITDA1 loss
  1. EBITDA excludes other income, interest, tax, depreciation, amortisation, foreign exchange gain or loss, discontinued operations, share-based payments charges and exceptional items.
  2. Restated – please refer to Note 2.