Challenger fintech Penny launches embedded finance proposition to market #
Penny, a leading digital lender, has launched Penny Connect, its partner integration solution that will allow small and owner-managed UK businesses to access tech-driven invoice finance via the Penny network through seamless integration with other platforms.
The move aims to address the increasing difficulty that UK SMEs face in obtaining funding, particularly as banks cut back on lending and alternative finance providers focus on traditional lending models. The no-code embeddable widget requires just three pieces of information and provides instant quotes and the money owed in outstanding invoices the very next day. The tool also offers invaluable customer engagement insights through analytics data and requires no complex API integrations.
Adam Parker, Penny’s managing director, said that the new offering means partners have far more control than with old-fashioned referrals, with 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,” he added. Penny’s latest solution forms part of its commitment to serving the financial needs of UK SMEs and its financial commitment to SMEs amounts to £50m over the next 12 months. Penny Connect aims to empower businesses to take on more projects, employ more people, and help the industry thrive.