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Penny unveils embedded finance proposition

Source: Penny

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

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

Challenger Fintech Penny continues to work towards bridging this gap with its unique tech-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 embeddable widget that gives partners and integrators the power to bring Penny to their audiences
Requires just three pieces of information to provide businesses with instant quotes and the money owed in outstanding invoices the very next day
Offers invaluable customer engagement insights through analytics data
No complex API integrations required

Penny’s Managing Director, Adam Parker, explains: “We created Penny so 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 that wanted to offer Penny as a solution. However, many of these partners needed more technical resources or the ability to collect the relevant data points to make a real-time lending decision and integrate. Creating this embeddable tool means partners have far more control than with old-fashioned referrals but far fewer complications and planning required for full integration. Clients stay in the partner ecosystem, integration times reduce from months to days, engagement and conversions increase, and most importantly - SMEs have access to the finance they need with confidence and speed.”

Financial commitment to SMEs

Suppliers waiting for cash to trickle in often get caught in vicious cycles of managing outgoings while raising invoices on extended terms. Penny’s latest solution forms part of its ongoing commitment to serving the financial needs of UK SMEs, earmarking substantial funding to tackle problems within the supply chain.

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

Through Penny Connect, we’re committed to funding a further £50 million to SMEs over the next twelve months. We hope this goes some way to empowering businesses to take on more projects, employ more people and help the industry thrive.”

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