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Selective invoice finance when you need it

Get instant cash flow to grow your business, with unpaid invoices cleared in as little as 2 hours.
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Get started

Invoices from £500 - £200K

No set up / account fees

On-demand factoring access

Receive funds in 24hrs

Who are we
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AWARD-WINNING TECHNOLOGY

Cash flow funding you can count on

Over 10,000 happy customers

Free up funds when you need them most.

100% selective invoice financing

Take control of your finances with our award-winning tool.

2 hours to get your invoice paid

Get your funds deposited in as little as two hours.

Helping you stay on top of your business’ finances

Our instant selective invoice finance software gives your business the cash flow you need to thrive.

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Unlock your cash flow
Make sure you get paid on time, every time, and build strong connections with your suppliers and customers.

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Grow your business
Don’t tie up your working capital with money owe to you. We free you of outstanding invoices so you can grow. 

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Stay ahead
Avoid costly interest charges and late payment fees so you can focus on what matters most – your business.

 

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How selective invoice finance works

Open an account

Sign up to create your free account in just a few minutes.

Get paid early

We’ll deposit the funds into your bank account in as little as 2 hours from approval!

Submit your invoice

Submit your invoice and get an instant quote with our selective invoice finance calculator. 

How it works

A platform championed by its users 

Hear how Penny's invoice finance solution has helped UK business owners just like you:

"We are a small electrical company that's moved from mainly domestic work to commercial. The issue being domestic work pays instantly, whereas commercial work can take upwards of 90 days. This severely inhibits our cash flow but with the help of Penny we have been able to move forward."

Colin Kelleher (20 March 2023)

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how it works

Secure your funding today

With our real-time results, you can discover how much funding you can access straight away. Simply enter a few details to get your instant quote.

 

Create a free account and give it a go - it’s that easy.

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Get paid on terms that suit your business

Invoices from £500 - £200K

100% invoice value for one fee

3hr lending decisions

FAQs

  • What types of businesses can use Penny?
    Sole Traders and Limited Companies registered in England and Wales.
  • Are my invoices eligible for financing?
    Your invoices could be eligible for financing if they meet the below criteria: B2B invoices for completed work and/or delivered goods Minimum invoice value of £500 Maximum invoice value of £200,000
  • Do you require accounts/bank statements?
    No, unlike the majority of other UK lenders, we do not ask for business account records or bank statements. Our model of invoice finance utilises technology to provide fast funding, and all we need from you is: Submitted invoice Debtor contact details (email or mobile) to verify the submitted invoice
  • What is the difference between a Penny and Penny Plus account?
    A Penny account is a free member profile that gives you complete access to our selective invoice finance product. You can register your profile online in just a couple of minutes, and after completing Identity Verification, you can begin submitting invoices for funding straight away. Penny Plus will become our paid monthly subscription service, however this is still under development and not currently available.
  • What is invoice finance?
    Invoice finance is an umbrella term for funding that enables businesses to borrow money against the amounts due from their customers. Lenders offering this model of finance advance a percentage of the requested invoice value, in return for a small fee. The main types of invoice finance include invoice factoring, invoice discounting and selective invoice finance.
  • How does invoice financing work with Penny?
    Penny offers selective invoice finance, driven by technology. Unlike traditional models of financing, our UK spot factoring solution offers businesses a streamlined experience without requiring long-term commitments or lengthy paperwork. Penny is unique in that it has been developed for inclusivity, helping traditionally underserved business types (sole traders, micro-businesses etc.) accelerate cash flow with payment terms that benefit their growth. With flexibility at the core, we give businesses a centralised platform to select and advance invoices with ease. Leveraging technology, we provide real time data so that Penny users can check the status of their invoices at any time, providing decisions in under three hours. Once the invoice details have been verified, Penny pays 100% of the invoice value into the registered business bank account, minus a small fee.
  • Who can I invoice with Penny?
    Penny advances B2B invoices to Limited Companies. In some circumstances we may be able to consider other business entities, please contact us to discuss your needs.
  • Can I retain credit control for submitted invoices?
    At Penny, we take responsibility for collecting payment from your customers. Relinquishing credit control enables you to receive the total invoice value upfront, and reduces time spent within your business on payment processes.
  • What happens if I have already invoiced a client myself?
    You will need to raise a new invoice through Penny. After setting up your account, your account manager will advise you on how to credit note the original invoice with your debtor.
  • Can I use Penny to pay my bills? (Also known as reverse invoice financing)
    No, we only facilitate forward invoice financing on goods / services supplied.
  • What contact information do you need for my customer?
    When you are completing your customer's details, it is best to provide contact details of a member of the accounts team if possible, rather than a generic accounts email address. This expedites validation of the invoice, so you get paid faster.
  • Can I invoice my own company, or a company within my group?
    No, you can not have any business interest in the company you are invoicing.
  • What is the Penny Quick Quote tool?
    Our Quick Quote tool is featured within your account dashboard under 'Get Started'. To use it, simply enter your customer's company name and we'll run a couple of quick checks to confirm whether they're eligible. Bear in mind that Penny's algorithm looks at the most recent data available, so even if we can't offer invoice factoring on an invoice for a particular company today, that could change in the future.
  • I got an approval with Penny Quick Quote, however my invoice has been rejected, why?
    The Penny Quick Quote tool only considers the invoice amount and the debtor (the company paying the invoice). However real-time decisions also look at other factors, including the terms and nature of the invoice. Please get in touch with a member from our client support team for more details.
  • My invoice has been approved, what happens next?
    Once Penny has approved your invoice and it has been issued to your customer, a member of our team will quickly get in touch with them to validate the invoice and get your funds advanced. The wide majority of transactions are validated in under 3 hours, and paid out within 24 working hours.

Explore frequently asked questions about selective invoice finance:

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