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.
Accessible
Available to sole traders, micro-businesses, startups and SMEs in all industries.
Flexible
Submit individual / multiple invoices and manage payments seamlessly through your account portal.
Non-contractual
No commitments. You can use Penny's spot factoring services as little or as much as you'd like.
Trackable
Invoices tracked with real-time data. Decisions provided within 3 hours of invoice submission.
Scaleable
Submit individual / multiple invoices and manage payments seamlessly through your account portal.
Dependable
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
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.
FAQs
Explore frequently asked questions about selective receivables financing: