Bank of America Partners with Simply Asset Finance to Provide £120 Million in Funding for UK Busines

Bank of America's new partnership with Simply Asset Finance offers UK businesses access to £120 million in funding, solidifying their position in the UK Asset Finance market.

Bank of America has recently announced a new partnership with Simply Asset Finance, a specialist business lending provider, that will provide businesses across the UK with access to £120 million in funding. The initial facility, valued at £60 million, has the potential to increase to £120 million through an accordion feature. This agreement solidifies Bank of America's position as a key player in the UK Asset Finance market and will allow Simply Asset Finance to expand its funding options for UK borrowers, including hire purchases, finance leases, and refinancing.

Bank of America Partners with Simply Asset Finance to Provide £120 Million in Funding for UK Businesses

Bank of America's decision to partner with Simply Asset Finance was influenced by the latter's experienced management team and strong growth prospects. This new facility will enable Simply Asset Finance to boost its lending capabilities by 30% and increase its loan origination by approximately £100 million in the first year alone. The announcement comes on the heels of Simply Asset Finance reporting profits of £5.5 million and revenues exceeding £52 million for FY2023. Since its establishment, the company has assisted over 7,400 customers in the UK through 15,161 agreements, with a total loan origination of £1.3 billion.

Founded in 2017 by a group of asset finance experts, Simply Asset Finance offers a digital platform for small and medium-sized businesses in the UK to access financing. The company focuses on empowering its clients to achieve their business goals beyond just financial metrics. In 2023, Simply Asset Finance expanded its presence by opening a new sales center in Liverpool's business district, which saw £7 million in advances in its first year of operation.

The partnership between Bank of America and Simply Asset Finance represents a significant milestone in the UK business lending landscape, providing businesses with increased access to funding options and support for their growth ambitions.