Simply Asset Finance surpasses £1bn lending milestone just five years since its 2017 inception, having funded over 27,600 assets for businesses across the UK.
The business was founded by a team of asset finance specialists in response to the overly-complicated SME financing process generating low approval rates in the UK. It has since grown to a team of 127 members and has so far served over 6,000 customers.
This landmark comes at the end of Simply Asset Finance’s fifth year of trading and is largely due to the business staying open and expanding during the pandemic. It has provided bespoke finance solutions with its market leading technology, allowing customers and brokers to feel supported by the service and able to grow and maintain their businesses. During 2022, its Loan Book grew by 36% and Simply Asset Finance was proudly placed in the top 50 of the FT1000 fastest growing businesses in Europe and in the top five for financial services.
During its growth, Simply Asset Finance has worked in a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture. It’s active across England, Scotland, Wales and Northern Ireland with on-the-ground experience in each area.
The technology at the centre of the business was built from a complete rethink of what lending should be, allowing service levels to significantly improve without added complexity. The data models take multiple factors into account, not just a credit score, meaning real-time data can allow a multi-dimensional view of the customers’ ability to repay a loan, or, if needed by the customer, modify payment streams to fit new cash flow projections.
This is also paired with a strong team of experts and trusted broker partners across the UK who customers can trust to fully understand their businesses and deliver a seamless funding experience. Simply Asset Finance believes in its customers’ potential and is committed to helping them achieve it by investing time in understanding each business and the requirements.
Mike Randall, CEO at Simply Asset Finance, said: “SMEs account for over 60% of the UK economy, yet historically have been overlooked by governments and underserved by banks. It is essential they have access to suitable funding options so they can grow into the businesses the economy needs, especially in a time of continued economic turmoil.
“This is where Simply has been an industry game-changer. We have built a company that serves all SMEs to allow them to grow and thrive. Our technology enables us to look beyond the balance sheet, and when paired with our in-house expertise, has been the core driver behind our rapid, and projected, growth.”