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Business funding - Cash in on invoices immediately

With a free Penny account, you can access funding on demand.

Startups, businesses with limited credit profiles and fast-growing companies looking to bolster working capital can secure next-day access to cash by leveraging customer payments.

If you have or are about to invoice a business customer, upload your invoices to Penny and receive near-instant payments to your company bank account.
Early-stage & expanding businesses

No-minimum turnover or trading history required to open a free account

Funding that grows with your business

Cash flow support from £500 - £200k. One processing fee charged per invoice.

Lending decisions within three hours

Streamlined approval process. Track applications in real-time through your account portal

Support for startups with credit concerns

Our invoice finance solution provides fast funding for startups with poor credit


Say hello to a new era of startup business financing

Securing startup business finance through traditional lending avenues can be a long and frustrating uphill battle, so we've developed a new way to offer financial support to businesses like yours. 

Where banks see risk, we see potential. As a digital lender, we utilise technology to streamline the application process, ensuring decisions get made with your startup's future in mind.

Whether raising funds to grow your business or navigating challenges like extended payment terms and unpredictable cash flow, Penny can help you access the money you need without any unnecessary delays.

Is my startup eligible?

Committed to serving the underserved micro and small business community, we stand as the bridge for businesses often overlooked by traditional lenders. 

There are only a couple of requirements to open an account with us, and once you're a member, you can use our startup funding solution on-demand, as and when you need.

Account criteria:

  • HMRC registered sole trader or limited company

  • Based in England or Wales

What is startup financing?

Startup financing is the term used to describe capital employed to fund a new or early-stage business venture. 

Business owners generally need to decide whether to pursue dilutive or non-dilutive financing when raising money for their startup. Investors are one example of dilutive funding, where cash is typically offered in return for company shares. Loans are non-dilutive, as they tend to get supplied on a repayment-with-interest basis. Although there are many lending options available, they aren't always startup-friendly. Banks have their hoops, investors play hard to get, and the whole process can feel as frustrating as trying to solve a puzzle blindfolded. This difficulty underscores the critical need for alternative financial solutions that are more accessible to newly emerging businesses.


How does Penny's startup business funding work?

Invoice finance is our startup business financing product, reducing waiting times on customer payments to 24 working hours.

As a startup business loan alternative, Penny Invoicing lets you exchange outstanding invoices for instant cash flow, without any of the risks that can come with taking on additional debt. 

So whether you trade on 30, 60 or 90-day terms, you can select invoices to submit to Penny and get paid the full amount the very next day.


Submit invoice

Upload an invoice for factoring through your account portal


Track status

Penny contacts your customer to validate invoice details


Withdrawal confirmed

Invoice gets verified with your debtor and the factoring agreement is approved


Get paid

Receive the total value* of your submitted invoice within 24 working hours

*Total invoice value minus Penny's processing fee. Average fee on a 30-day invoice is 5.1% +VAT.


Discover the benefits of hassle-free business financing for startups:

Instant funding

Technology-driven, providing decisions in under three hours and money in the bank the next working day.

No commitments

Use your Penny account as much or as little as you need. No ongoing costs, cancel any time.

On-demand access

Log in any time your startup needs a cash injection. Keep track of past and current startup business funding in one place, Penny's interface.

Dedicated support

A client support team that's on hand to answer any questions or concerns you have. Contactable via live chat, phone or email.

Transparent terms

No account, set up or closing fees charged.  Just one processing fee for each invoice raised. 

Award-winning provider

Our tech-driven lending solution delivers trustworthy finance that lets you fund your startup with peace of mind.

Find out if UK startup funding works for your business today

£500 - £200,000

Bad credit funding

Free account setup with on-demand access


  • 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 Penny's startup business finance 

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