Penny: products, terms and eligibility

Penny is a UK provider of invoice finance. The legal entity named on its site is Penny Limited, company number 11972051. It is based in Ipswich. Companies House shows the company was incorporated 2019.

Penny Limited was incorporated in 2019 (company number 11972051) and its registered address on its site is Archibald House, 50-56 Wykes Bishop Street, Ipswich. It offers invoice finance online, letting businesses finance chosen invoices rather than a whole ledger.

In its own words on scale:

• Says it has more than 10,000 customers (figure on its site in October 2026).

Everything on this page comes from what Penny publishes itself. We show the date we last checked it, and we do not rate or rank lenders.

Penny publishes 2 products for UK businesses. The table above gives the amounts and terms as it states them.

• Spot invoice financing (factoring): Penny buys the invoice, collects payment from your customer and manages credit control; no commitment to fund the full ledger.
• Confidential invoice discounting: Customers are not told; you keep invoicing and collecting; funded invoice by invoice.

Spot invoice financing (factoring)

A business opens an account, uploads the invoices it wants funded and receives a quote, and Penny verifies the invoice with the customer and manages collection. Eligible invoices are £500 or more, business-to-business, for goods or services already delivered. The business can be a limited company, partnership or sole trader that is HMRC-registered in England, Scotland or Wales. The site says there are no minimum invoice volumes, contracts or notice periods.

Confidential invoice discounting

The business submits selected invoices and keeps control of its sales ledger and collections, so its customers continue paying as normal without being told about the arrangement. Invoices must be £500 or more, business-to-business for delivered goods or services. This product is open to limited companies only, HMRC-registered in England, Scotland or Wales. The site says there are no long-term commitments or paid subscription plans.

Penny says its finance is used for:

• Funding specific unpaid invoices
• Releasing cash tied up in business-to-business invoices
• Funding construction, haulage and local authority contract work

Sectors and business types it says it funds:

• Says it serves businesses across all industries, with construction, haulage and local authority contracts mentioned

What it says it does not fund:

• Not available to businesses outside England, Scotland and Wales; consumer (non business-to-business) invoices are not eligible

Penny publishes these criteria. Meeting them does not mean an application will be accepted: every lender makes its own decision.

• HMRC-registered business based in England, Scotland or Wales.
• B2B invoices for goods or services already delivered.
• Invoice of £500 or more.
• Spot factoring: sole traders and limited companies.
• Confidential discounting: limited companies only, not partnerships or sole traders.
• Spot factoring: no minimum trading history (per partners page).

Penny describes its process like this:

1. Create a free account online.
2. Upload one or more invoices to get a quote.
3. Penny verifies the invoice with the customer.
4. Funds are paid to the business once approved.

Information it says it asks for:

• The invoice being financed

Every application is subject to status and the lender’s own criteria at the time.

Invoice finance releases cash tied up in unpaid invoices: the provider advances part of an invoice’s value when you raise it and pays the balance, less its charges, when your customer pays. With factoring the provider collects from your customers; with invoice discounting you keep collecting yourself.

Providers assess your customers as much as your own business: who owes you, on what terms and how concentrated the debt is. It suits firms that sell on credit to other businesses, such as recruitment agencies and manufacturers.

Points Penny publishes that are worth knowing:

• Penny buys the invoice, so it owns it and chases the customer on factored invoices.
• No long-term contract or monthly subscription is described.
• Not available in Northern Ireland: site says England, Scotland and Wales only.
• Sectors named include construction, haulage and local authority contracts.

Security and guarantees

The site says the invoice itself is the collateral and that no property or equipment security is needed. No personal guarantee wording was found on the pages read.

The pages we checked do not carry a regulatory statement, so we describe none. Ask Penny how it is regulated and check any claim on the FCA Register.

Protections differ by borrower type and loan size. Most lending to limited companies is not regulated consumer credit, so read the agreement and ask the lender what applies to you.

Other providers of invoice finance with profiles here include Team Factors, TP24 (Tradeplus24) and Triver. Each profile uses that lender’s own published terms.

The full list, grouped by product type, is in our directory of UK business lenders.

Capzy is a credit broker, not a lender, and gets paid by the lender. One application lets your business compare options across lenders, so you can weigh this kind of facility against the alternatives. You can check your funding options with a soft search that does not affect your credit score. A full application to a lender may involve a hard search, and any offer is subject to status and lender criteria.