The Bank of America has moved to support Simply Asset Finance, a fintech that focuses on lending to SMEs, with a loan facility worth up to $120 million.
The loan facility has an accordion feature to extend to $120 million, but the initial facility is for $60 million. The feature will allow Simpli to increase in lending by 30% by neatly £100 million within a year.
The London-based fintech was founded in 2017, establishing a digital platform that has since lent over £1.3 billion to more than 7,400 UK small businesses since.
Stefan Wolvaardt, Simply Asset Finance CFO, commented: “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, stated: “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.”