Equipment Finance News

Simply hits £1 billion lending milestone

Mike and Ylva Simply

Simply Asset Finance, the independent lender announced on Wednesday (15th Feb) that it has lent £1 billion over the last five years – a big milestone in the development of this relatively new fast-growing independent lender.

Simply have demonstrated the power of determination and a clear vision for their business to deliver rapid growth from a standing start in 2017. They have gathered a wide range of talent to create a diverse and experienced team to take the business forward.

This focus on action and a determination to modernize is typical of Simply They apply the same high ideals to the technology they deploy in their business – which is cutting edge and customer-centric.

The AF50 maps the rise of Simply Finance with a recorded net book of £170mn in 2018/19; £216bn in 2019/20 (+27%) and £305mn in 2020/21 (+41% in the pandemic years likely to be fuelled by CBILS and BBLS) and they announced a further 33% growth in 2020/22 which delivers the additional growth needed to pass their £1bn milestone. Simply is part owned by Cabot Square Capital.

Simply is one of the most successful growth stories in the finance industry and made the top 50 of the FT’s fastest growing businesses in the UK. They are frequent and deserved winners of awards, they collect many each year. Mike Randall was recognised as Asset Finance Connect CEO of the year in 2022.

It will be interesting to see how the business charts its course through choppier waters over the next few years, and to see the P/E’s that these sort of high performer asset finance businesses can achieve. This is a business that seems unlikely to stand still for long and believes it is only at the beginning of its journey.

Pictured: Mike Randall, CEO and Ylva Oertengren, COO, Simply