back Back

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

By Gloria Mathias

July 08, 2024

  • Bank of America
  • Business lending solutions
  • Finnace Solutions
Share

Simply Asset  Finance, Finnace Solutions , Fintech Solutions, lending solutions, Bank of America, Loan Facility, UK, London, 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.”

Previous Article

July 08, 2024

CIB rolls out Mastercard Metal World Elite Credit Card in Egypt

Read More
Next Article

July 08, 2024

Emaar, Mashreq and Visa partner to facilitate integrated B2B payables

Read More






IBSi Daily News Analysis

cloud,

July 19, 2024

Bank of America

SMEs leverage cloud to gain competitive edge, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Finastra & CredAble team to offer supply chain finance to banks globally

Read More

July 22, 2024

Jifiti launches ‘Tap Now, Pay Later’ to enable banks to deploy loans with ease

Read More

July 19, 2024

FinTech Focus: Catch latest developments of the week

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024