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

By Gloria Mathias

Simply Asset Finance, the specialist business lending provider, has received an agreement from Bank of America for a new facility that will unlock the potential for £120 million of further funding for businesses across the UK.

The initial facility is £60 million, with an accordion to £120 million. This agreement consolidates Bank of America’s position 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 growth potential. The facility will enable Simply Asset Finance to increase its lending capabilities to UK businesses by 30% and increase its origination by £100 million in the first year.

Since its inception, the firm has helped finance over 7,400 customers across the UK through 15,161 agreements. Its loan origination now stands at £1.3 billion. 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. It looks 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 a 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, shared, “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.”