Join thousands of UK businesses with a free Penny account
Supercharge cash flow
Trade outstanding invoices for instant cash and make late payment problems a thing of the past.
Save time on invoice processing with Penny's intuitive account interface and collections service.
Maintain a healthy stream of funds to power your operations and seize opportunities as they arise.
Flexible invoice finance, as and when you need it
Picture a world where your business received customer payments in hours, without worrying about extended terms or delays.
Penny makes this world a reality.
Our platform accelerates B2B payments and gets users paid on terms that keep cash flowing through their business.
With a free Penny account, you can trade outstanding invoices for money in the bank the next working day.
No ongoing commitments, just flexible payments as and when you need them.
How Penny works
Open an account
Our approach to invoice finance is simple. We don't require long-term commitments, and you don't need to raise your full sales ledger to open an account.
Once registered, you choose which customer invoices to finance and when.
Log in and upload invoices through your account portal.
After submitting, we quickly validate the invoice details with your customer before offering you a no-obligation quote.
Add customer details
Add customers to your account portal. Debtor details get stored securely for each time you want to submit one of their unpaid invoices for factoring.
Payment in 24hrs
Get paid the total value of your invoice for one small processing fee*. Using Open Banking, we safely deposit the funds into your connected account within 24 working hours. When your customer's payment terms elapse, we get repaid.
*Average processing fee on a 30-day invoice is 5.1% +VAT
Accounts with built-in flexibility
No ongoing commitments. Select and submit invoices for funding in 24 hours as and when you need a cash flow boost.
- Flexible invoice factoring - Single or recurring invoices - First time invoice finance users - Improving business liquidity - Low risk funding - Startups, sole traders, micro and small businesses
An account that helps you save more. Enjoy discounted rates alongside exclusive Plus member benefits.
- Long term cash flow growth - Funding multiple client invoices on an ongoing basis - Enhanced savings and support - Full-book invoice finance users
Developed to serve the underserved micro & small biz community
Limited Company or Sole Trader
& based in England or Wales
For delivered goods / completed work
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)
Withdraw money at your convenience
Financing invoices shouldn't feel like an uphill battle, and with Penny, it doesn't. Submit your customer's invoice and we'll take care of the rest.
You receive instant payment in full, and when your customer settles the invoice, we get repaid. No commitments, no interest, just one fee each time you withdraw funds.
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 business invoice finance: