Penny provides on demand, selective invoice finance for freelancers, small businesses and SMEs. This unique online solution funds invoices fast, on-demand, while invoice debtors pay as normal.
The mission of Fiverr’s global marketplace is to change how the world works together. Their platform connects businesses of all sizes with freelancers offering digital services across a range of verticals including graphic design, digital marketing, programming, video and animation.
This makes Fiverr a dynamic hub for thousands of UK freelance creatives, enabling them to showcase their talent and skills to a wider buying audience.
Fiverr seeks to empower entrepreneurs to focus on growth by creating a successful business at a realistic cost. For the team at Penny, that is something they can really get behind.
Penny’s CEO and co-founder Colin Gunnell said of the partnership:
“It’s always exciting to find a partner who shares our ethos and values, and Fiverr absolutely does that. We have really similar philosophies, both coming from a place of championing freelancers and independent small businesses.
Negative cash flow is one of the biggest barriers to growth and we created Penny to remove the pain of waiting and chasing for payments. Instead Penny gives businesses the freedom to control cash flow on their own terms so they can get on with what they do best.”
Financial freedom for freelancers
The freelancer community in the UK stands at 2 million, a figure set to expand as many more turn to self-employment during the pandemic.
For the vast majority, working on a freelance basis is their main occupation, obtaining work from a number of different sources.
When they work with Fiverr, it’s all very easy: sign up for free, connect with customers and get paid when an order is completed.
So it can come as a shock to the system if they then do work for other clients, invoice directly and have to wait 60-90 days for payment!
That’s where Penny comes in, with its on demand tech-driven cash flow solution. Penny gives freelancers financial freedom by releasing cash tied up in invoices as well as taking admin and stress out of the equation.
Penny provides Fiverr freelancers with a cash flow opportunity that is not readily available to them from any other source – this is especially true of sole traders, as less than 1% of business lenders can assist them, yet their cash flow needs are the same as any other small business.
Fiverr freelancers automatically benefit from 20% off Penny fees, so they can access their invoice income quicker, for less. In turn, Penny users get a discount on Fiverr membership, so everyone wins!
Above all, the partnership between Fiverr and Penny is to support and champion freelancers and small businesses, empowering them to get where they want to be.