Asset finance provider Simply has received a £60m warehouse facility from Citigroup.
The deal is intended to allow Simply to provide more funding to SMEs across the country.
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Mike Randall, chief executive officer of Simply, said: “In the two years since Simply was founded, we’re proud to have achieved a huge amount – the most important part of which is supporting thousands of bright and ambitious businesses. We want to empower small and medium-sized organisations to realise their potential and this warehouse facility from Citi is crucial in terms of providing us with the means to do so into the future. We look forward to working with one of the largest global financial institutions over the coming years.”
Set up in 2017 with headquarters in London, Simply now employs over 85 people and has funded more than 2000 customers. Backed by the investor Cabot Square Capital, it operates across a variety of sectors including manufacturing, construction, transport and waste.
Richard McDougall, partner at Cabot Square Capital, said: “Simply continues to go from strength to strength and the fact that it is able to secure funding from an institution such as Citi shows that it is a serious player in the asset finance arena. We are delighted for the team – particularly as Simply is making great strides in forcing the market to sit up and think differently.”
Last month Simply added two board members to lead its risk and legal functions.
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By GlobalDataRichard Chadwick joined Simply as chief risk officer after seven years at Close Brothers, most recently as commercial head of underwriting. Prior to that, Chadwick spent eight years at PwC where he qualified as a chartered accountant. He will now run the credit, collections and risk functions at Simply.
Roumena Goscomb was promoted to the board as general counsel, after 16 months at Simply, continuing to oversee all legal and HR matters. She previously worked as legal counsel at a number of institutions, after spending the first ten years of her career at Slaughter and May.
