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Choose client payments to fund with selective invoice finance

Upload and submit unpaid customer invoices from one place.

With a Penny account you can select invoices to finance as and when needed, and receive 100% of the invoice value within 24hrs.
On-demand cash flow

Keep cash flowing freely through your business month to month for long-term financial success

Selective receivables finance

Select single or multiple B2B invoices from £500 - £200,000. Funded within 24 working hours of request.

Flexible, unsecured funding

Available to non-homeowners. No personal guarantees, debentures or property security required.

Penny account criteria

We're transforming the invoice finance market with solutions that can be used by all businesses, no matter how big or small.

In 2022, the Moneyfacts Awards commended our platform for Best SME Finance Technology, offering greater speed, flexibility and access than traditional invoice factoring providers. 

You can register a free Penny account today if your business meets the following criteria:

Business entity

Limited Company or Sole Trader

HMRC registered

& based in England or Wales

B2B invoices

For delivered goods/completed work

What is selective invoice finance?

Selective invoice financing lets businesses choose specific invoices to borrow against. Also referred to as spot factoring or single invoice finance, this type of funding is a cost-effective solution for business owners that don't want to raise their entire sales ledger.

Through selective invoice finance, companies can maintain healthy cash flow and mitigate seasonal fluctuations and dips in working capital. After advancing an invoice, a percentage of the invoice value gets released instantly, removing the need to wait for lengthy payment terms to elapse. Penny offers selective invoice finance for sole traders and small businesses. Unlike other UK selective invoice finance providers, we advance 100% of the value of submitted invoices for a small fixed fee.

How does selective invoice finance work with Penny?

Our on-demand selective invoice finance solution makes advancing your business's unpaid invoices easy. 


Unlike traditional lenders, we don't ask users for long-term contracts, and you don't need to sell your whole sales ledger to advance money owed to your business. 


After registering your account, you can log in anytime and submit payments for selective invoice factoring.


No ongoing commitments - when you need us, we'll be here

Discover the benefits of selective invoice finance 

Penny isn't a mainstream bank, or a traditional finance provider. It's a tech-powered solution developed to meet the needs of all business types. 


Available to sole traders, micro-businesses, startups and SMEs in all industries.


Submit individual / multiple invoices and manage payments seamlessly through your account portal.


No commitments. You can use Penny's spot factoring services as little or as much as you'd like.


Invoices tracked with real-time data. Decisions provided within 3 hours of invoice submission.


Submit individual / multiple invoices and manage payments seamlessly through your account portal.


Less reliance on your customers for timely payments. Trade outstanding invoices for next day funds.


How to use Penny's selective invoice finance facility

Open an account

Our approach to selective factoring 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.

Select invoices for factoring

Log in and upload individual 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 invoices for factoring.

Payment in 24hrs

Get paid the total value of the selected 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 pays, we get repaid.

*Average processing fee on a 30-day invoice is 5.1% +VAT

How it works

Get support with invoice collection and credit control

Compliance management

Dedicated account collection specialists

Experienced in credit control and debt recovery 

Single invoice finance for startups, sole traders and micro businesses 

Traditional lending criteria frequently disqualifies startups and owner-managed firms from accessing vital financial support, which is why we exist. 

Penny was developed to serve the underserved micro and small business community. We leverage our technology to provide flexible access to financial support, giving business owners greater control over their financial stability.

Whether you run a startup, sole prop, micro firm or small business, Penny offers a pragmatic alternative to traditional forms of factoring. 

We don't require a minimum trading history, collateral, or a proven track record of profitability to use our product. 


By shifting the focus from your business to the creditworthiness of your clients, we aim to level the playing field for new businesses seeking fast access to working capital.


  • 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 receivables financing:

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