Nucleus Commercial Finance
Nucleus Commercial Finance is a London-based independent lender that has provided over £2.9 billion in funding to UK SMEs. In October 2025 they were acquired by Pulse, a Mumbai-based financial services group, bringing new international backing. Nucleus offers a range of business finance products including invoice finance for general SMEs.
Nucleus Commercial Finance is a London-based independent lender that has provided over £2.9 billion to UK SMEs, with advance rates around 85% and service charges from 0.85%. It was acquired by Pulse in October 2025.
More detail + scope
Summary
Nucleus Commercial Finance is a London-based independent lender that has provided over £2.9 billion in funding to UK SMEs. In October 2025 it was acquired by Pulse, a Mumbai-based financial services group, bringing new international backing. It offers a range of business finance products including invoice finance, with advance rates around 85%, service charges from 0.85% and discount charges at base rate plus 3.5%.
This page covers
Nucleus Commercial Finance invoice finance, advance rate, pricing, total lent and the Pulse acquisition
Not covered here
General invoice finance education (see /guides/), sector pages (see /industries/), the full provider directory (see /providers/)
Key Facts
When Nucleus Commercial Finance Fits
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General SMEs turning over £500k-£5m across professional services, recruitment, or distribution needing flexible invoice finance without sector restrictions
Nucleus targets mainstream SME sectors and offers both factoring and discounting with a broker-friendly approach, suitable for businesses wanting established infrastructure without big-bank bureaucracy.
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Growing businesses in the Midlands or North seeking alternatives to high-street banks after acquisition or refinance
As an independent with international backing post-Pulse acquisition, Nucleus can compete on pricing and flexibility while offering personal relationship management often lost with larger consolidators.
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Companies invoicing £50k-£200k monthly who need quick decisions and want to compare mid-market independents
Nucleus sits between challenger fintechs and major banks, offering underwriting speed typical of independents but with the financial strength of a Mumbai-backed parent for larger facilities.
When to Look Elsewhere
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Startups under 12 months or invoicing under £25k monthly
Better fit: Kriya. Kriya's tech-first platform handles smaller, newer businesses more efficiently than traditional independent brokers like Nucleus typically resource for.
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Construction firms with long payment terms or retention-heavy contracts
Better fit: Ultimate Finance. Ultimate Finance specialises in construction sector nuances including retention finance and application valuations, whereas Nucleus focuses on general trade invoicing.
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Businesses wanting confidential facilities with no client notification
Better fit: Sonovate. Sonovate pioneered non-notification invoice discounting for recruitment and professional services, whereas Nucleus typically operates disclosed facilities or full factoring with credit control.
How Nucleus Commercial Finance Compares
| Provider | Type | Min facility | Fee from | Advance to | Speed |
|---|---|---|---|---|---|
| Close Brothers | both | £100k | 0.75% | 90% | 5-7 days |
| Bibby Financial Services | both | £50k | 0.8% | 85% | 3-5 days |
| Pulse Cashflow | both | £50k | 0.75% | 90% | 3-5 days |
| Optimum Finance | both | £75k | 0.7% | 85% | 5-7 days |
vs Close Brothers: Close Brothers operates as a bank with FCA deposit-taking license and larger balance sheet, while Nucleus remains a specialist lender with potentially faster credit decisions for mid-market cases.
vs Bibby Financial Services: Bibby has a century-long trading history and larger UK market share, whereas Nucleus offers more personalised service and flexible structuring as a smaller independent.
vs Pulse Cashflow: Pulse Cashflow (part of the same Mumbai parent group) focuses on high-growth tech and SaaS recurring revenue, while Nucleus targets traditional SME trade invoicing.
vs Optimum Finance: Optimum Finance emphasises construction and manufacturing sectors with retention handling, whereas Nucleus maintains broader general SME positioning across professional services and distribution.
Worked Example
A Manchester IT consultancy with £1.2m turnover invoicing corporate clients on 30-60 day terms
Setting Up With Nucleus Commercial Finance
- 1
Initial enquiry and credit assessment
Submit recent management accounts, aged debtor reports, and company details. Nucleus typically responds within 48 hours with an indicative proposal. They'll run credit checks on your business and review your top debtor concentrations to assess risk appetite.
- 2
Due diligence and facility structuring
Nucleus conducts debtor verification calls and reviews historic invoicing patterns, typically taking 5-7 working days. You'll agree advance rates, concentration limits, and whether you want full factoring with outsourced credit control or a confidential discounting arrangement.
- 3
Legal documentation and first funding
Sign facility agreement and debenture (fixed and floating charge). Nucleus registers the charge at Companies House. First drawdown usually occurs within 2-3 days of legal completion, with funds released as you upload approved invoices to their client portal.
FAQs
How has the October 2025 Pulse acquisition affected Nucleus operations?
Nucleus continues to operate independently under its existing London management team and brand. The Pulse acquisition brings additional capital and international group backing, potentially allowing larger facilities and more competitive pricing, but day-to-day credit decisions and relationship management remain UK-based. Existing clients reported no material changes to service delivery in the transition period.
What debtor concentration limits does Nucleus typically impose?
Most Nucleus facilities limit any single debtor to 25-30% of the total facility, with top five debtors capped at 60-70%. For newer SME relationships they may start more conservatively at 20% single debtor concentration until trading history builds. These limits protect both lender and borrower from over-reliance on one customer and are standard across UK independent invoice finance.
Does Nucleus offer non-notification invoice discounting?
Nucleus primarily provides disclosed invoice finance where clients are notified that invoices are assigned. For established businesses with strong credit control teams, they may consider confidential discounting arrangements, but this typically requires £2m+ turnover, proven debtor management systems, and higher audit frequency. Most SME facilities below £1m will be notification-based or full factoring.
What sectors does Nucleus avoid or restrict?
Like most mainstream UK invoice financiers, Nucleus typically declines or restricts construction firms with retention-heavy contracts, care homes with local authority concentration, and speculative property development. They also limit exposure to retail, hospitality, and businesses with high consumer debt exposure. Professional services, recruitment, manufacturing, and B2B distribution form their core appetite.
Our Verdict
Nucleus has a proven track record with nearly £3 billion lent to UK SMEs, and the Pulse acquisition brings fresh capital and international ambition. They offer a broad range of business finance products, making them useful if you need invoice finance alongside other funding types. The acquisition means the business is evolving, so it is worth checking their current product range and terms when requesting a quote.
Director, Market Invoice
Oliver leads Market Invoice's editorial and comparison research. With a background in UK commercial finance, he oversees provider analysis, rate verification, and industry reporting across all verticals.
Last reviewed: 8 April 2026