Simply Asset Finance, a specialist business lending provider based in the UK, has inked a significant financial agreement with Bank of America.
According to FinTech Finance, the deal involves a substantial £120 million loan facility that includes an initial £60 million facility with an expansion option up to the total amount. This financial injection is set to revolutionise Simply Asset Finance’s approach to supporting UK businesses.
The funds provided by Bank of America will propel Simply Asset Finance’s ability to extend hire purchases, finance leases, and refinancing options to its clients. This strategic partnership underscores Bank of America’s confidence in Simply Asset Finance as a credible and valuable partner within the Asset Finance sector, owing to its experienced management team and robust growth potential. The facility aims to bolster Simply Asset Finance’s lending capacity to UK businesses by 30% and aims to increase its loan origination by approximately £100 million within the first year.
Simply Asset Finance is known for its innovative digital financing solutions tailored for small and medium-sized enterprises (SMEs) across the UK. Established in 2017 by a group of asset finance experts, the company has consistently focused on empowering businesses by looking beyond traditional financial metrics to assess creditworthiness and potential.
The funds from this new agreement are earmarked to enhance Simply Asset Finance’s technological capabilities and expand its reach to more UK businesses, furthering its mission to facilitate accessible business financing. The company also plans to utilise these resources to continue improving its service offerings and customer experience.
In additional news, Simply Asset Finance celebrated a profitable FY2023 with £5.5 million in profits and over £52 million in revenue. It has supported over 7,400 customers through 15,161 agreements since its inception. Recently, the company expanded its operations by opening a new sales centre in Liverpool, which generated £7 million in its first year.
Simply Asset Finance CFO Stefan Wolvaardt said, “This level of commitment from the Bank of America marks a significant milestone for us at Simply. Identifying us as a key growth partner within the Asset Finance market is testament to the strength of our approach to business lending. We’ve created a digital path to finance through our industry-leading technology paired with our team of experts which sets us apart.”
Previously, Simply Asset Finance has successfully raised funds to scale its operations and enhance its technology-driven services, further solidifying its position in the Asset Finance industry.
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