Simply Asset Finance, the specialist business loan provider, has announced a profit of £7.1m for FY2022, doubling year on year. In a milestone year for the company, Simply Asset Finance also reached £1bn in loans to UK businesses since its inception and saw revenue rise to £38.2m by 2022.
The company was founded in 2017 by a team of equity finance specialists in response to the overly complicated SME financing process that has led to low approval rates in the UK. It has since grown to a team of 127 members and was named in the Top 20 of the FT1000 list of Europe’s fastest growing financial services companies in 2023, the second consecutive year it has been recognized in the list.
Since its inception, Simply Asset Finance has financed over 27,600 assets for UK businesses and served over 6,000 clients. In 2022 alone, it added £110m to its loan book, up 36% year-on-year, representing the ever-growing demand for tailor-made loans to SME clients, and Simply Asset Finance’s ability to support businesses during the current economic uncertainty.
Simply Asset Finance lends to companies across a wide range of industries, including transportation, construction, manufacturing, recycling and agriculture. Each business served by Simply Asset Finance is backed by its hands-on experience in England, Scotland, Wales and Northern Ireland.
Simply Asset Finance’s expansion has been strongly driven by the tailored technology capabilities that are an integral part of its business model, designed to transform the way lending should work while significantly improving service levels. The data models look beyond the balance sheet and use real-time data to provide a multi-dimensional view of a customer’s ability to repay a loan. This is then combined with a strong team of experts and trusted UK brokerage partners that clients can trust to fully understand their business and provide a seamless financing experience.
Mike Randall, CEO of Simply Asset Finance, said: “The speed of our growth and the profitability of the business is a testament to our team and the technology we’ve built, delivering a seamless financing experience for UK businesses. These results confirm us in our plan to take the company to the next growth phase. As a team, we built a lending solution that represents an industry breakthrough, looking beyond the balance sheet to serve all SMEs and support them to grow and prosper.
“Looking ahead, it would be remiss not to recognize the hurdles faced by the businesses we serve. However, we know from previous years that they are resilient in times of adversity, and we are committed to continuing to recognize the potential of SMEs and support the businesses that make up more than 60% of the UK economy. Our team will continue to help them navigate the challenging environment and provide appropriate solutions come rain or shine.”
Stefan Wolvaardt, CFO of Simply Asset Finance, said: “Doubling our earnings year-over-year clearly demonstrates the strong growth trajectory we are on. Having worked with 6,000 clients and borrowed more than £1bn since its inception, our business shows SMEs the right way, enabling them to grow and become an engine of the UK economy. We look forward to continuing to grow our customer base in 2023 and beyond.”