The Bank of America is providing support to Simply Asset Finance, a fintech focused on lending to small and medium-sized enterprises (SMEs), through a loan facility that could reach up to $120 million.
The facility features an accordion option allowing for an increase to $120 million, although the initial amount is set at $60 million. This structure enables Simply to enhance its lending capacity by 30%, aiming to approach £100 million within a year.
Founded in 2017 and based in London, Simply Asset Finance has established a digital platform that has facilitated over £1.3 billion in loans to more than 7,400 small businesses across the UK.
Stefan Wolvaardt, CFO of Simply Asset Finance, remarked, “This level of commitment from Bank of America marks a significant milestone for us. Recognizing us as a key growth partner in the asset finance market speaks to the effectiveness of our approach to business lending. We have established a digital path to financing through our industry-leading technology and expert team, setting us apart. With the potential to expand this facility even further, Simply’s offerings will be essential in providing asset finance across the UK, enabling businesses to realize their potential and thrive.”
Andrei Cotonet, director at Bank of America, noted, “We are pleased to announce the closure of this new lending facility with Simply Asset Finance. It is designed to provide the financial resources necessary for investing in critical assets and achieving sustainable growth throughout the UK. This development reinforces our commitment to supporting one of the leading UK asset finance lenders in their future growth initiatives.”