SME funder Simply has received a further increase to its funding line from Aldermore bringing the total facility to £30m.
In March 2018 Simply received a £20m block discounting facility from Aldermore. The additional £10m granted makes Simply one of Aldermore’s most significant block funding partners.
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The total facility is one of the largest block discount deals in the market. The increase will allow Simply to help more SMEs realise their potential and drive innovation.
Mike Randall, chief executive officer of Simply Asset Finance, said: “As a new start company, we were fortunate that Aldermore could support us with a funding line in our first year of trading. Good working relationships are a core part of any partnership.”
Randall added: “Simply is revolutionizing how SMEs are able to access funding and, as part of this, Aldermore’s facility will enable us to lend and boost our support to more businesses.”
Lee Rhodes, commercial director for wholesale & structured asset finance at Aldermore said: “It is a real pleasure to be able to announce the latest deal with Simply. Right from the start we knew that we had to look not just at the numbers but also the people involved and what the team wanted to achieve.”
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By GlobalDataHe added: “Simply has accomplished a great deal in its first two and a half years, and we are pleased to be part of that story.”
Simply Asset Finance was founded in April 2017 and is backed by Cabot Square Capital. They provide a range of finance options including hire purchase, finance leases and refinance to SMEs in the UK. Many of those SMEs are owner-managed or family-run.
