Simply Asset Finance targets £120m funding milestone in British Business Bank deal

Simply Asset Finance has signed a deal with the British Business Bank that will bump its total SME financing well into the nine figures.

The Southwark-based company has agreed a second tranche of its asset finance facility from the bank, giving its support for smaller businesses a “very significant” boost, according to CEO Mike Randall.

Together, Simply’s two rounds of financing will provide over £120m of funding.

The company was founded 17 months ago and has since grown to employ 50 people. In the last year it has facilitated more than 1,000 finance agreements, collectively worth around £100m.

CEO Mike Randall said: “This second, and very significant, tranche of investment from the British Business Bank comes at an exciting time for us.

“The market opportunity is considerable and we’re growing rapidly, yet steadily, to be able to take advantage of that.”

He added: “Essentially, we’re normal people doing business with normal people, but supported by up to date technology – and that is a main component in setting us apart from our competitors.”

British Business Bank CEO Keith Morgan commented: “As the UK government’s economic development bank, the British Business Bank increases both the supply and diversity of finance available to growing businesses.

“Our 2018 Small Business Finance Markets report highlights the increasing importance of asset finance to smaller businesses, with the value of such finance increasing by 12% from 2016 to 2017.”

He continued: “This additional funding through Simply Asset Finance will enable more businesses to source the new or replacement equipment they need to expand and fulfil their growth potential.”