Help Centre

Sole Traders and Limited Companies registered in England and Wales.

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

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

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.

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.

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.

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.

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.

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.

No, we only facilitate forward invoice financing on goods / services supplied.

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.

No, you can not have any business interest in the company you are invoicing.

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.

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.

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.