London, May 3, 2017 – Tungsten Network, a leading global business transaction network, and BlueVine, a leading provider of online working capital financing, unveiled a new partnership that aims to better meet the financing needs of small and medium-sized businesses on Tungsten’s Network.
Tungsten Network’s U.S.-based customers now have access to additional financing options through BlueVine’s business line of credit solution, called Flex Credit. With Flex Credit, customers will have fast, secure, and convenient access to up to $100,000 in working capital.
Clients pay fees only on funds they draw and they are able to replenish their credit line each time they pay down their balance.
Prabhat Vira, President, Tungsten Network Finance, said: “We continue to bring value to SMEs on our network by adding solutions that meet their particular business needs. Through our partnership with BlueVine, we have added an innovative and easy-to-use line of credit solution to our existing invoice-based early payment offering. This extends our value proposition to those SMEs transacting on our network for whom a line of credit better matches their needs as compared to invoice discounting.”
Tungsten Network’s increased focus on broadening its service offerings is showcased through its commitment of continually adding new partners to its network and expanding its global reach. This commitment is most recently seen with the launches of streamlined currency conversion in 6 countries and electronic invoicing in India.. The BlueVine partnership will offer more options for SMEs who are looking to improve cash flow management and maximize efficiencies across their businesses.
Eric Sager, BlueVine’s chief revenue officer, said the partnership with Tungsten Network highlights the fintech pioneer’s goal to become the leading provider of working capital to small and medium-sized businesses: “BlueVine’s goal is to provide entrepreneurs with smart and convenient working capital solutions so they can focus more of their time on growing their businesses. Partnering with Tungsten Network is an important step toward giving more and more business owners access to tools that address their working capital needs much more effectively.”
About Tungsten Network
Our vision is to be the world’s most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure e-invoicing, purchase order services and workflow platform that brings businesses and their Suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow management. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers Suppliers access to invoice financing through Tungsten Network Finance, a form of alternative finance for businesses.
Tungsten Network processes invoices for 70% of the FTSE 100 and 72% of the Fortune 500. It enables Suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £133bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg’s and the US Federal Government.
Trusted, passionate and proven, Tungsten is making the digitisation of global commerce between Buyers and Suppliers faster, easier and smarter.
BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to the funds needed to purchase inventory, cover expenses or expand operations.
BlueVine is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.