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FULL-YEAR 2021
Numbers at a glance
£36.1m
Revenue
£3.6m
EBITDA
10%
EBITDA margin
£2.1m
Net cash
18.3m
Transaction volumes
Company History
Tungsten Network’s milestones on our journey to world-class performance
Our founders were members of Visa Business Products Executive team when they found a gap in the market. Companies needed a solution that made invoicing easy - and compliant - to alleviate the need for corporate cards.
In our first year, we ran successful pilots with four customers proving we could push invoices directly into the ERP system and engage with Suppliers. With this success under our belt, we set out and enroled seven more multi-national organisations.
With HP joining the Network, we knew it was time to expand into the United States. Nothing fancy, but we opened our doors in San Francisco!
Based on customer demand and a growing supplier base, we opened our doors in Sofia, Bulgaria and Kuala Lumpur, Malaysia with less than 10 people. Today, we have over 200!
Over 100,000 Suppliers officially transacting on the Network - and counting!
We also launched Tungsten Early Payment which provided Network Suppliers access to cash on approved invoices.
Tungsten also launches compliant e-invoicing in India with the rollout of the government mandate.
A new and improved Tungsten Network Workflow launches
Andrew Lemonofides joins as Chief Executive Officer
We are also recognised as a Top AP Solution Provider 2021 by CFO Tech Outlook
Case studies
Tried, tested and trusted
