The British Business Bank (BBB) has doubled the wholesale facility available to Simply Asset Finance, doubling the lessor’s funding line to £120m (€135m).
An additional £60m has been added to a wholesale agreement of equal size signed in January by the government-backed bank and the lessor. The facility has acted as a major boost to Simply’s book, which stood at £34m as of the January agreement and has now reached £100m.
The deal falls under the BBB’s Enable funding programme, aimed at backing supply of leasing and asset finance facilities. Other lenders that have received BBB backing include Calverton, Aldermore, Cambridge & Counties and 1pm.
London-based Simply was established in April 2017, led by Close Brothers veteran Mike Randall and backed by private equity firm Cabot Square Capital.
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.
“[We are] supported by up to date technology – and that is a main component in setting us apart from our competitors.”
Richard McDougall, partner at Cabot Square Capital, added: “The distance that Mike and his team have travelled in the last year – from setting up the business from scratch to building a growing and successful business – is very impressive, and we are delighted to be their partners on this journey.
“Simply has received a very positive response from the industry and from customers alike, and the firm is developing into one of the most respected asset finance lenders in the market.”