Simply Asset Finance has announced a major milestone, securing a £120 million loan facility from Bank of America. This new facility, initially set at £60 million with the potential to expand to £120 million, will significantly enhance Simply Asset Finance’s capacity to fund businesses across the UK.
The agreement strengthens Bank of America’s position as a key player in UK asset finance and underscores its confidence in Simply Asset Finance’s experienced management team and growth potential. The facility will enable Simply Asset Finance to increase its lending to UK businesses by 30% and boost its originations by approximately £100 million within the first year.
Simply Asset Finance recently reported FY2023 profits of £5.5 million and revenues exceeding £52 million. Since its founding in 2017, the company has financed over 7,400 customers through 15,161 agreements, with total loan originations now reaching £1.3 billion. The company has expanded its national footprint, including opening a new sales centre in Liverpool, which achieved £7 million in advances in its first year.
Stefan Wolvaardt, CFO of Simply Asset Finance, remarked, “This level of commitment from 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.”
Founded by asset finance specialists, Simply Asset Finance has been delivering innovative financing solutions for small and medium-sized businesses across the UK. The company’s approach looks beyond the balance sheet, empowering clients to achieve their business potential through accessible and efficient financing options.
Andrei Cotonet, Director at Bank of America, commented, “We are proud to announce the successful closure of a new lending facility with Simply Asset Finance designed to provide the financial resources needed to invest in critical assets and achieve sustainable growth across the UK. This development underscores our unwavering commitment to supporting one of the leading UK asset finance lenders in its future growth plans.”
This strategic partnership between Simply Asset Finance and Bank of America is set to provide substantial benefits to UK businesses, fostering growth and innovation in the asset finance sector.
