Bank of America has agreed to a £120 million lending facility with Simply Asset Finance, a UK-based specialist business lending provider. The facility, initially valued at £60 million with an accordion feature increasing it to £120 million, aims to significantly enhance Simply Asset Finance’s lending capabilities across the UK. The deal accentuates Bank of America’s role in the UK asset finance market. Simply Asset Finance, founded in 2017, has aided over 7,400 customers through more than 15,000 agreements, and recorded FY2023 profits of £5.5 million with revenues exceeding £52 million. The firm has expanded its footprint by opening a new sales center in Liverpool, marking £7 million in advances in its inaugural year. This new facility is expected to enable Simply Asset Finance to increase its lending capabilities by 30% and boost its origination by about £100 million in the first year.

Finance and Lending, FinTech,United Kingdom

Bank of America backs UK lender to tune of £120m