OB10, the eInvoicing network company, announced it is preparing to join the UK division of First International Bank of Israel under plans from Tungsten Corporation to help improve the supply chain finance industry, reported Finextra.
Tungsten is hoping to raise £160 million to help pay the takeovers and give working capital for the two businesses.
“We have an exciting opportunity to create a disruptive global player,” says Edmund Truell founder of Tungsten. “We believe that TungstenAnalytics can provide considerable savings for buyers on the platform from which we would expect to benefit. The strategy for the group to include a clean, duly authorized, UK bank into the middle of the flow of billions across the global network should provide suppliers with access to accelerated invoice settlement on a transparent and simple to execute basis. Tungsten thus aims to transform the financial aspects of the global supply chain.”
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