Simply Asset Finance has reached a significant milestone, with its loan book exceeding the £0.5bn mark buoyed by the increasing demand for its bespoke SME lending services and technology platform.

The company’s first half (H1) 2024 results show a £14m addition to its loan book and revenues of £29.1m.

In H1 2024, the UK-based specialist business lender reported 9,663 lending agreements, funding over 22,109 assets for UK businesses. This expansion has increased its customer base to over 8,300.

The company’s total cumulative loan origination stood at £1.4bn, compared with £1.3bn at the end of last year.

Its growth is partly driven by its proprietary technology platform, ‘Simply Connect’. Said to facilitate workflow and loan management, the platform offers end-to-end lending capabilities and a user-friendly interface.

The platform is not only used by Simply Asset Finance’s customers and broker partners but is also available as a white-label solution, integrated by three significant lending partners.

In June, the company secured a £120m loan facility from Bank of America to enhance its lending capabilities to UK SMEs by 30% and boost loan origination by approximately £100m in the first year.

Simply Asset Finance CEO Mike Randall said: “Simply is committed to empowering UK SMEs to achieve their full potential. As we now look to the final half of the year, our recent partnership with Bank of America, and accreditation to the Growth Guarantee Scheme, only reinforces our dedication and ability to provide tailored and pointed support to the businesses that need it most.

“We are proud to support the backbone of the UK economy and look forward to driving growth and prosperity alongside our valued current and future customers.”