Supply chain management and eInvoicing company Tungsten Network is working with a new partner to provide cash to its corporate clients.
Reports Wednesday (Feb. 22) said Tungsten is working with Orbian to link its supply chain finance solution into Tungsten’s supply chain management platform.
“We are delighted to be working with Orbian as we expand our financing offering to better service the many and varied businesses on the Tungsten Network,” said Prabhat Vira, president of Tungsten Network Finance, in a statement. “Our network is built on the importance of smart business partnerships and smooth working relationships, and this venture will increase our capacity to leverage our platform for digital automation, financing solutions and analytics. We believe this partnership will give our customers a unique opportunity to add financing to their eInvoicing-enabled supply chains.”
The company highlighted the release of its Early Payment solution as another way the company helps suppliers on its platform manage cash. But working with Orbian, Vira added, means the company can “accommodate the financing needs within the supply chains of our buyer customers.”
A partnership with Orbian follows Tungsten’s decision to sell Tungsten Bank, a deal that finalized late last year. At the time, the company said it would look to take a different approach to financing the companies using its solution.
The company released its Q2 2017 data in December, revealing that losses were slimmed to $2.4 million, while revenues increased by 20 percent in the quarter, leading to new optimism that the company could reposition itself for growth.