Written by the Lendus editorial team. Last updated .
The best Ultimate Finance alternatives include Bibby Financial Services for a lower £100,000 turnover floor, Close Brothers for bank-backed invoice finance, Aldermore for four product lines under one roof, Cynergy Business Finance for asset-based lines above £5 million, Kriya for funds within 24 hours of uploading an invoice, White Oak UK for a fast decision on small facilities, and Praetura Asset Finance for the equipment half.
Ultimate Finance does two things and does them narrowly on purpose: invoice finance, including factoring and discounting, and asset finance for equipment and vehicles. It is best known in construction, where it understands CIS, application-based invoicing and retention, which are the three things that make funding a subcontractor genuinely difficult. It lends £20,000 to £5,000,000, has funded £2.5 billion and works through dedicated account managers rather than a call centre.
The reasons businesses look elsewhere are specific and mostly structural.
The first is the £250,000 annual turnover requirement for invoice finance. That is above what several competitors ask and it rules out exactly the stage of business where a slow-paying ledger hurts most. Asset finance has a lower threshold, but the invoice facility does not.
The second is the setup window. Ultimate Finance quotes 5 to 10 working days to get a facility live, with initial funding within 24 hours of activation. If your problem is a payroll run this Friday, ten working days is not a solution.
The third is breadth. Two products means two products. If you need a term loan, trade finance or a commercial mortgage alongside your receivables facility, you will be running more than one relationship, and its own record lists the narrow product range as a drawback.
The fourth is the debtor book requirement. Invoice finance needs commercial customers on credit terms, so retail and business-to-consumer models cannot use it at all.
One note before the list. Lendus has not completed identity verification on our Ultimate Finance record, so this guide makes no claim about its regulatory status. Check it on the FCA Register at register.fca.org.uk yourself.
Bibby Financial Services has been funding UK receivables since 1982 and has £6 billion out. Two things separate it from Ultimate Finance: it asks for £100,000 of annual turnover rather than £250,000, and it is built for businesses selling to overseas buyers, with cross-border trade finance alongside domestic factoring. It will also consider startups with strong order books, where Ultimate Finance prefers an invoice history. Lendus has not completed identity verification on this record, so we make no claim about its regulatory status; confirm it on the FCA Register before proceeding.
Rates and amounts: 1% to 3% of invoice value per month as a factoring discount charge, plus a service fee. £50,000 to £15,000,000.
Eligibility: 6 or more months trading preferred, with startups holding strong order books considered; £100,000 annual turnover minimum for most invoice finance facilities.
Speed: Facility setup typically 1 to 2 weeks; initial funding within 24 hours of the facility agreement.
Pros: £100,000 turnover floor, £150,000 below Ultimate Finance’s; £15,000,000 ceiling, three times higher; genuine export and cross-border capability; startups with order books considered.
Cons: Its discount charge starts at 1% per month against Ultimate Finance’s 0.8%, so well-qualified borrowers may pay more; nothing below £50,000; no use for business-to-consumer or immediate-payment retail businesses.
Best for: Businesses under £250,000 of turnover, and anyone invoicing overseas buyers where the ledger crosses a border.
Close Brothers has been lending since 1878, has £10 billion out, and offers invoice finance, asset finance and business loans from a single regulated bank. It is the closest thing here to Ultimate Finance’s relationship-led model with a bank balance sheet behind it. Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, FCA reference number 124750.
Rates and amounts: 5% to 18% per annum. £10,000 to £5,000,000.
Eligibility: 24 or more months trading; £250,000 minimum turnover.
Speed: Within 3 to 5 working days.
Pros: Regulated bank with a published annual rate range, which most invoice financiers do not offer; three product lines including business loans; deep sector knowledge; funding from £10,000.
Cons: Same £250,000 turnover floor as Ultimate Finance, so it solves nothing on that front; 24 months trading rules out younger businesses; no dedicated construction specialism of the kind Ultimate Finance built.
Best for: Established businesses that clear the turnover test anyway and would rather have receivables, equipment and a term loan under one regulated bank.
Aldermore covers invoice finance, asset finance, business loans and commercial mortgages, which is the direct answer to Ultimate Finance’s narrow range. It asks for 12 months trading and £100,000 turnover for most products, and gives same-day decisions on asset finance up to £250,000. Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA, firm reference number 204503, and has lent £14 billion.
Rates and amounts: 4.5% to 20% per annum depending on product, asset type and credit profile. £2,000 to £10,000,000.
Eligibility: 12 or more months trading for most products; £100,000 turnover for most products, with lower thresholds on some asset finance.
Speed: Same-day decisions on asset finance up to £250,000; 3 to 5 days for larger deals.
Pros: Four products against Ultimate Finance’s two; £100,000 turnover floor; same-day asset finance decisions up to £250,000; lends from £2,000; £10,000,000 ceiling.
Cons: Not a construction invoice finance specialist; not aimed at businesses with significant adverse credit; the 4.5% floor goes to the strongest applicants on the best-secured products only.
Best for: Businesses that are tired of running an invoice facility with one lender, equipment with another and a mortgage with a third.
Cynergy Business Finance provides funding lines of £200,000 to £40,000,000 secured against receivables, stock, property or other business assets. Where Ultimate Finance stops at £5,000,000, Cynergy keeps going to eight times that, which matters for a business whose ledger has outgrown a standard factoring facility. The regulatory position needs stating precisely: Cynergy Business Finance Limited’s own asset-based lending activity is exempt from regulation by the Financial Conduct Authority and the Prudential Regulation Authority, per its own website. It is a subsidiary of Cynergy Bank plc, which is separately authorised by the PRA and regulated by the FCA and the PRA under firm reference number 575105.
Rates and amounts: No published indicative rates, discount margins or factor rates; pricing is bespoke and quoted per business after assessment. £200,000 to £40,000,000.
Eligibility: No published minimum trading history or turnover; assessed on the strength of the underlying receivables, stock, property or other assets.
Speed: No specific turnaround published.
Pros: £40,000,000 ceiling; structures that blend receivables with stock and property rather than invoices alone; bank-backed; no published turnover floor at all.
Cons: Nothing below £200,000; no published pricing, so no comparison is possible until you have terms; no published decision timescale; the lending entity itself sits outside FCA and PRA regulation.
Best for: Scaling businesses whose asset base is broader than a sales ledger and whose requirement has passed £5 million.
Kriya advances funds within 24 hours of you uploading an invoice once your facility is approved, which is the sharpest answer in this guide to Ultimate Finance’s 5 to 10 working day setup, at least after the first hurdle is cleared. It lends £50,000 to £1,000,000 and publishes no fixed turnover minimum. The regulatory position is narrower than it first appears: Kriya Finance Limited is supervised by the Financial Conduct Authority for anti-money laundering purposes, FCA reference number 750199, and this is AML supervision rather than full FCA authorisation to carry out regulated consumer credit or invoice finance activities.
Rates and amounts: No published interest rates, factor rates or representative APR; pricing is described as pay-as-you-use and quoted after an application is reviewed. £50,000 to £1,000,000.
Eligibility: 12 months trading with at least one set of filed accounts for invoice finance and working capital loans; no fixed minimum turnover published.
Speed: Funds advanced within 24 hours of uploading an invoice once approved; working capital loan terms within about a week of enquiry.
Pros: No published turnover floor; 24 hour advance on approved invoices; working capital loans available alongside; £4 billion+ funded.
Cons: No published pricing whatsoever; £1,000,000 ceiling is a fifth of Ultimate Finance’s; 12 months trading and filed accounts required; AML supervision is not the same as full authorisation, so read the agreement carefully.
Best for: Businesses under the £250,000 turnover threshold that need drawdown speed more than they need a published rate.
White Oak UK offers invoice factoring alongside term loans, asset-based loans, trade finance and equipment finance, and states an average loan decision turnaround of around 4 hours. Its average loan size is around £60,000, so this is the small-ticket end of the market rather than a £5 million ledger facility. LDF Operations Limited, trading as White Oak UK, is authorised and regulated by the Financial Conduct Authority as a credit broker and lender under firm reference number 630633; its own site states that where White Oak UK itself acts as lender, that specific product is not FCA-regulated.
Rates and amounts: Priced per deal, no public rate card. £5,000 to £500,000.
Eligibility: Not publicly stated; assessed as part of underwriting.
Speed: Around 4 hours on average for a loan decision, though not guaranteed on every deal.
Pros: Around a 4 hour average decision; five product types including trade finance, which Ultimate Finance does not offer; lends from £5,000; no published turnover floor.
Cons: £500,000 ceiling, a tenth of Ultimate Finance’s; no rate card; the trading name and the regulated entity name differ, so check who you are contracting with; some products are stated as not FCA-regulated.
Best for: Smaller businesses needing a modest factoring or trade finance line quickly, where £500,000 is comfortably enough.
If what you actually need from Ultimate Finance is the asset finance rather than the invoice facility, Praetura Asset Finance covers the same £5,000 to £500,000 territory on hire purchase, finance lease and asset refinance, and has a sister invoice finance business for businesses that need both. Praetura Asset Finance Limited is authorised and regulated by the Financial Conduct Authority in respect of consumer credit lending activities, FCA firm reference number 737408.
Rates and amounts: Priced per deal, no public rate card. £5,000 to £500,000.
Eligibility: Not publicly stated; assessed as part of underwriting.
Speed: Not publicly stated; timescales are assessed per deal.
Pros: Regional specialist with hire purchase, finance lease and refinance in one place; a sister invoice finance business if you need the other half; lends from £5,000.
Cons: Asset finance only, so it cannot replace an invoice facility on its own; no published rate card or eligibility criteria; no published turnaround; not a national lender with branch coverage.
Best for: Businesses splitting the requirement, taking equipment finance from a specialist and placing the ledger elsewhere.
| Lender | Amount range | Pricing | Min turnover | Min trading | Setup or decision |
|---|---|---|---|---|---|
| Bibby Financial Services | £50,000 to £15,000,000 | 1% to 3% of invoice value per month plus service fee | £100,000 | 6 months preferred | 1 to 2 weeks |
| Close Brothers | £10,000 to £5,000,000 | 5% to 18% per annum | £250,000 | 24 months | 3 to 5 working days |
| Aldermore | £2,000 to £10,000,000 | 4.5% to 20% per annum | £100,000 | 12 months | Same day to 5 days |
| Cynergy Business Finance | £200,000 to £40,000,000 | None published | Not published | Not published | Not published |
| Kriya | £50,000 to £1,000,000 | None published | Not published | 12 months | 24 hours per invoice |
| White Oak UK | £5,000 to £500,000 | None published | Not published | Not published | Around 4 hours |
| Praetura Asset Finance | £5,000 to £500,000 | None published | Not published | Not published | Not published |
| Ultimate Finance | £20,000 to £5,000,000 | 0.8% to 2.5% of invoice value per month plus service fee | £250,000 | 3 months with invoice history preferred | 5 to 10 working days |
Choose Bibby Financial Services if your turnover is between £100,000 and £250,000, or your customers are overseas.
Choose Close Brothers if you clear £250,000 anyway and want a regulated bank covering receivables, equipment and a term loan together.
Choose Aldermore if the real problem is that you are running four lender relationships and want one.
Choose Cynergy Business Finance if your requirement has passed £5 million or your security is stock and property as well as invoices.
Choose Kriya if you are below the turnover floor and drawdown speed matters more than a published rate.
Choose White Oak UK if the facility is small, you want an answer today, and you also want trade finance.
Choose Praetura Asset Finance if the equipment is the actual need and the ledger can wait.
A word on comparing these properly. A monthly discount charge on invoice value and an annual interest rate are different units and cannot be set against each other, which is why the table above keeps them separate. Ask every invoice finance provider for three numbers on your own ledger: the discount charge, the service fee, and the total cost over twelve months at your expected drawdown. Then check the exit terms, because notice periods on factoring agreements are commonly three to twelve months and are the single most expensive thing people miss. Lendus is an introducer, not a lender and not a credit broker, so we do not approve, decline or price facilities ourselves.
Need invoice finance? Compare providers in minutes.
Check EligibilityCheck eligibility in 2 minutes. No credit check.
Check Eligibility →