Challenger fintech Penny launches embedded finance proposition to market

Leading digital lender Penny has announced the launch of its partner integration solution, Penny Connect.

Designed to extend accelerated access to finance for small and owner-managed UK businesses, Penny Connect will enable platforms to seamlessly integrate with the Penny network and offer technology-driven invoice finance to their customers. Amidst the current economic downturn, cash flow challenges are becoming increasingly acute for UK businesses. As banks cut back on lending and alternative financing providers focus on more traditional loan models, SME financing is becoming increasingly difficult to obtain.

Challenger Fintech Penny continues to work to bridge this gap with its unique technology-based approach that allows businesses of all sizes, including traditionally underserved micro-enterprises, to access the funding they need.

Introducing Penny Connect

• A no-code widget that gives partners and integrators the power to bring Penny to their audience
• Only requires three pieces of information to provide businesses with instant quotes and the money owed on outstanding invoices the very next day
• Offers invaluable customer engagement insights through analytics data
• No complex API integrations required

Penny’s CEO, Adam Parker, explains: “We created Penny so that businesses could free themselves from waiting for invoices to be paid and get the cash flow they need to achieve their goals. Over time, we found that we were dealing with more and more partners who wanted to offer Penny as a solution. However, many of these partners needed more technical resources or the ability to collect relevant data points to make a real-time lending decision and integrate. Creating this built-in tool means partners have far more control than with old-fashioned referrals, but far fewer complications and planning is required for full integration. Clients stay in the partner’s ecosystem, integration times are reduced from months to days, engagement and conversions increase, and most importantly – SMEs can access the funding they need with confidence and speed.”

Financial commitment to SMEs

Vendors waiting for cash to flow in are often caught in vicious cycles of managing expenses while collecting invoices on extended terms. Penny’s latest solution is part of its ongoing commitment to serving the financial needs of UK SMEs, earmarking significant funding to tackle supply chain issues.

“We firmly believe that no business should ever go under simply because of a lack of cash flow or waiting for outstanding invoices to be paid.

Through Penny Connect, we are committed to funding a further £50 million to SMEs over the next twelve months. We hope this will help businesses take on more projects, hire more people and help the industry flourish.”