Simply Asset Finance’s loan origination surpasses £1.75bn milestone

UK’s Simply Asset Finance has announced that its total loan originations have exceeded the £1.75bn ($2.35bn) mark.

The specialist lender company recorded pre-tax profits of £8.5m for the financial year ending 31 December 2024 (FY24), alongside revenues of £60.4m, marking a 13% increase year-on-year.

Additionally, Simply Asset Finance expanded its gross loan book to £505m during 2024.

Since its inception in 2017, Simply Asset Finance has grown its customer base to over 11,000 businesses and facilitated more than 22,000 agreements.

The company stated that its results highlight a persistent market demand for customised lending solutions, as UK small and medium-sized businesses (SMEs), facing limited financial backing, pursue more dependable and adaptable funding options.

Simply Asset Finance CEO Mike Randall said: “FY2024 has been a year of milestone achievements, and only further underscores the strength of our platform and the demand we are seeing for flexible, SME-first finance.

“These results also reflect the successful execution of our strategy to expand our reach through multi-channel operations, building on a proven, profitable foundation and deepening integration with key partners.

“UK businesses showed remarkable resilience last year – even amid ongoing economic uncertainty and policy shifts like the announcement of changes to National Insurance and minimum wage. It is in this environment, SMEs need more than just funding – but a partner that understands their challenges and can offer practical support to fuel long-term growth.”

The group’s financial performance last year was bolstered by investments in operational scalability, strategic partnerships, and regional growth.

In May 2024, the company migrated its loan book to Lendscape's cloud-native platform to support scaling.

Furthermore, the addition of a new facility loan from Bank of America and an expanded commitment from the British Business Bank's ENABLE programme broadened the company’s funding base.

Simply Asset Finance said its regional strategy also yielded “strong” results, supported by a growing national team of over 180 employees.

In Northern Ireland, the Belfast office surpassed £100m in total loan origination, supporting more than 700 local SMEs since its launch in 2019.

"Simply Asset Finance’s loan origination surpasses £1.75bn milestone" was originally created and published by Leasing Life, a GlobalData owned brand.

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