Simply Asset Finance has secured a substantial loan facility from Bank of America to enhance its lending services to small and medium-sized enterprises (SMEs) in the UK.

This financial collaboration introduces a £120m ($151.6m) loan facility, which begins with an initial £60m and offers the potential to increase to the full amount.

The capital provided by Bank of America is set to significantly increase Simply Asset Finance’s offerings, including hire purchases, finance leases, and refinancing options to its clientele.

The company intends to use this new facility to augment its lending capacity to UK businesses by 30%, to boost its loan origination by £100m in the first year.

Simply Asset Finance CFO Stefan Wolvaardt said, “This level of commitment from the Bank of America marks a significant milestone for us at Simply.

“Identifying us as a key growth partner within the Asset Finance market is a testament to the strength of our approach to business lending. We’ve created a digital path to finance through our industry-leading technology paired with our team of experts.”

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The UK-based fintech company will also use the funds for the advancement of its technological infrastructure and for broadening its services to a larger number of UK businesses.

Bank of America director Andrei Cotonet commented: “We are proud to announce the successful closure of a new lending facility with Simply Asset Finance designed to provide financial resources needed to invest in critical assets and achieve sustainable growth across the UK.

“The development underscores our unwavering commitment to supporting one of the leading UK Asset Finance lenders in its future growth plans.”

Established in 2017, Simply provides financial solutions to SMEs through an online platform, which has also been adopted by two lending partners for use as a white-labelled product.

The company boasts a track record of having extended more than £1.3bn in finance to more than 7,400 SMEs so far.