The Board of Tungsten has received approval from the UK’s Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank.
The fully UK authorised Bank will be re-named Tungsten Bank and commence offering supply chain finance.
Edmund Truell, Chairman of the Bank, said: “We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten Network.”
Additionally, Tungsten has also begun providing invoice discounting services to selected US customers.
Whitepapers
Related reading
The payments industry’s most significant acquisitions of 2017
Our round-up of 2017's deals that will have the biggest impact on the payments ecosystem.
“The markets will remain healthy and conducive to fintech companies”: Tony Seto, Freeman & Co. ED Pt.2
In part two of the interview, Tony Seto discusses the main trends in the fintech market and why mobile payments will continue to garner a lot of attention in the US.
CMA accepts Mastercard’s proposal to address competition concerns following the acquisition of VocaLink
The deal, which was first announced in July 2016, should now be concluded quickly.
PayPal to acquire TIO Networks for $233 million
PayPal CEO Dan Schulman is attempting to make good on his promise to better serve the unbanked.