Bank of America Supports Simply’s London Fintech In Small Business Lending
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Bank of America (BoA) has approved a new loan facility with Simply valued at up to £120 million, which the specialist lender celebrated as a “milestone”.
The initial facility stands at £60 million, with an accordion feature to potentially raise it to £120 million. Simply stated that the facility elevates its lending to UK businesses by 30 per cent and boost loan origination by approximately £100 million in the first year.
Simply has been featured in the Financial Times’ ranking of Europe’s 1,000 fastest-growing financial services businesses for three consecutive years, most recently placing 989th.
Simply Aims To Increase Lending To UK Businesses
Established in 2017, Simply provides finance to small and medium-sized enterprises (SMEs) via an online firm that has also been incorporated by two lending partners as a white-labelled product. It asserts to have spent more than £1.3 billion to finance over 7,400 SMEs so far.
Stefan Wolvaardt, Simply’s Chief Financial Officer, stated that Simply has been consistently profitable over the past three years. Its revenue increased by 37 per cent to £52.3 million in 2023, although its profit decreased to £5.5 million from £7.1 million. Recognized as a crucial growth partner in the asset finance market, users can validate the effectiveness of the business lending approach.
Simply Wants To Expand Its Facility In The UK
With the opportunity to expand this facility further, Simply’s offering will be central to asset finance provision throughout the UK, enabling businesses to achieve their potential, expand, and prosper.
Most of small business borrowing currently originates from sources other than major banks as SMEs turn to alternative providers. A director at Bank of America, Andrei Cotonet, stated that the facility was “crafted to offer financial resources required to attain sustainable growth and invest in crucial assets across the UK.
Simply integrates cutting-edge and adaptable technology with top-notch personal communication between its customers/brokers and team. The platform unites the traditional and modern realms of finance to provide users with the finest service available.
Simply is predominantly owned by a Cabot Square Capital fund and has presently enlisted over 80 top professionals in the field. It has also garnered more than 2000 clients across diverse sectors such as recycling, transport, construction, and manufacturing.
In March 2024, Simply earned acknowledgment as one of the FT1000 Europe’s Fastest Growing Companies, achieving a compound annual growth rate of 38%.
