Simply Asset Finance secures £120m loan facility from Bank of America

• Initial injection will enable Simply Asset Finance to increase its lending to UK businesses by 30%. 
• Facility will also enable the business to increase its originations by c.£100m in the first year. 

Bank of America has agreed a new facility with Simply Asset Finance, the specialist business lending provider, which will unlock the potential of £120 million of further funding for businesses across the UK. The initial facility is for a value of £60 million with an accordion to £120 million.  

This milestone agreement consolidates Bank of America’s position as a leading player in UK Asset Finance and the move will enable Simply Asset Finance to significantly increase its funding to UK borrowers for hire purchases, finance leases and refinancing. Bank of America identified Simply Asset Finance as a credible, and valuable, partner due to its highly experienced management team and exceptional growth potential. The facility will enable Simply Asset Finance to increase its lending capabilities to UK businesses by 30% and increase its origination by c.£100m in the first year. 

This news follows Simply Asset Finance announcing FY2023 profits of £5.5 million and revenues in excess of £52 million. Since inception, it has helped to finance over 7,400 customers across the UK through 15,161 agreements. Its loan origination now sits at £1.3 billion. The business has a team of 155 experts across the country and in 2023 it further extended its national footprint, opening an additional sales centre in the business district of Liverpool which celebrated £7 million in advances in its inaugural year.  

Founded in 2017 by a team of asset finance specialists, Simply Asset Finance delivers a digital path to finance for small and medium sized businesses across the UK – looking beyond the balance sheet to empower its clients to realise their business potential. 

Stefan Wolvaardt, Simply Asset Finance CFO, 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.  

“With the potential to grow this facility even further, Simply’s offering will be core to Asset Finance provision across the UK, allowing businesses to realise their potential, grow and thrive.” 

Andrei Cotonet, Director at Bank of America, said: “We are proud to announce the successful closure of a new lending facility with Simply Asset Finance designed to provide financial resources needed to invest in critical assets and achieve sustainable growth across the UK. The development underscores our unwavering commitment to supporting one of the leading UK Asset Finance lenders in its future growth plans.” 

ENDS 

Media contact 

Teamspirit  

simplyassetfinance@teamspirit.co.uk  

About Simply Asset Finance  

Simply Asset Finance was founded in April 2017 by a team of asset finance specialists, in response to the need for innovation and disruption in the sector.  It offers an alternative financial model to banks and looks beyond a balance sheet and credit rating, supported by a digitally enabled customer journey. Simply Asset Finance consider a customer’s potential and work with them to identify and implement the best solution to help them succeed. Their highly experienced sales team is made up of people with extensive knowledge of the industries they lend to. This means they understand the day-to-day challenges that businesses face and the dedicated support teams guide customers through the process, helping them every step of the way. 

Simply Asset Finance has lent more than £1.3bn to over 7,400 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture.