Simply Asset Finance Surpasses £0.5bn Loan Book Milestone

• Milestone achievement closely follows announcement of successful H1 results 

• H1 revenues increased to £29.1 million – a 17% rise from revenues achieved in H1 2023 

• Follows recent news of £120m backing from the Bank of America to support business growth 

Simply Asset Finance, the specialist business lending provider, today announces that it has surpassed a £0.5bn loan book milestone as demand for its bespoke SME lending and technology sees significant growth. The milestone achievement comes in August following the business reporting its H1 results which saw £14 million added to its loan book and revenues of £29.1m achieved. 

In a strong first half of the year, with 9,663 lending agreements live since January 2024, Simply Asset Finance has now funded over 22,109 assets for businesses across the UK, growing its reach to serve over 8,300 customers. In the first half of 2024, Simply Asset Finance’s total cumulative loan origination also reached £1.4 billion, up from a total of £1.3 billion at the end of 2023. 

Simply’s growth has been driven in part through its proprietary technology platform, ‘Simply Connect’, which provides its customers, broker panel and partners with end-to-end lending capabilities, best-in-class user interface, workflow and loan management. In addition to serving Simply’s own customers and broker partners, the technology is offered as a white-labelled solution and has been successfully integrated by three significant lending partners.  

In June, the business also announced it had received backing from Bank of America for a loan facility worth £120m. This will be used to grow its lending capabilities to UK SMEs by 30 per cent and increase its loan origination by around £100 million in the first year. 

In recognition of the business’ commitment to industry innovation investment in its customer service, Simply was also presented with the Lender of the Year award for the second year running at the AFC Summer Awards, as well as improving its position in the Asset Finance 50 from last year, from 27 to 24. Simply was also recognised for organising its charity football tournament in aid of Cancer Research (CRUK) earlier this year, winning the AFC Outstanding Achievement Award. The business’ ongoing growth was also observed in the FT1000’s list of Europe’s fastest-growing companies for the third year running. 

 

Year ended 31 December	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY2022	FY 2023	H1 2024	​
Cumulative origination	£37m	£158m	£318m	£473m	£714m	£1,019m	£1,328m	£1,485m	​​​
Gross loan book	£0.0m	£90m	£172m	£218m	£307m	£417m	£480m	£494m	​
Revenue	£0.7m	£4.1m	£14.5m	£20.7m	£29.9m	£38.2m	£52.3m	£29.1m	​​​
Profit / (Loss)	£(1.6)m	£(5.4)m	£(2.8)m	£(3.1)m	£3.4m	£7.2m	£5.5m	£3.0m	​​​
Total number of customers	n/a	910	2,127	3,191	4,430	5,989	7,488	8,340	​​

 

Mike Randall, CEO at Simply Asset Finance, said: “Simply’s continued strong growth, exemplified by our achievements in the first half of 2024, underscores our commitment to meeting the evolving needs of UK SMEs. This is a huge milestone for us as a business, and is a testament to the dedication and expertise of our teams nationwide. 

“Simply is committed to empowering UK SMEs to achieve their full potential. As we now look to the final half of the year, our recent partnership with Bank of America, and accreditation to the Growth Guarantee Scheme, only reinforces our dedication and ability to provide tailored and pointed support to the businesses that need it most. We are proud to support the backbone of the UK economy and look forward to driving growth and prosperity alongside our valued current and future customers.” 

Ends

About Simply

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 £1bn to over 7,400 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture.

For further information about Simply please contact:

Teamspirit

simplyassetfinance@teamspirit.co.uk

 

Simply Asset Finance’s Liverpool office celebrates £7 million in advances in its inaugural year

• The team has worked with over 800 customers in the last year to deliver £7 million in advances and over 100 deals 
• Expansion of its presence has provided tailored support to customers and broker partners across the North West 
• Liverpool team has doubled in size since its opening in 2023  

In a standout opening year for Simply Asset Finance’s office in Liverpool, the team has doubled in size and worked with over 800 customers to deliver tailored asset financing to SMEs based in the North West.  

This week Simply hosted an event to celebrate the successes of the Liverpool team where the growing network of Business Development Executives has delivered £7 million in advances and over 100 deals in just the first year as well as supporting over 50 brokerages. This growth meant that just 10 months after opening, the team moved to a larger office to support the business trajectory in the region.   

 Simply Asset Finance, the specialist business lending provider, was founded in 2017 by a team of asset finance specialists. Its market leading tech solution to asset finance provides  support to SMEs with their complex lending needs. The Liverpool team demonstrates how its growing national presence has successfully assisted its growing lending pipeline as well as its regional broker partners.  

John Wiles, Managing Director of Simply Asset Finance’s Liverpool Office, said: “Our Liverpool office’s phenomenal growth is a testament to the talented team and our commitment to building our regional footprint to support even more SMEs grow and thrive.  

As we continue  to expand our national presence, we are as committed as ever to recruit and train the next generation of industry talent in the North West. They will support us on our mission to deliver tailored support and service to both our customers and broker partners.”  

 

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 £1bn to over 6,800 small and medium businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture.