UK-based asset finance provider Simply has secured a £60 million warehouse facility from global bank Citi to support future growth.
The package will be used to provide funding services to UK SMEs.
Mike Randall (pictured), 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. This warehouse facility from Citi is crucial in terms of providing us with the means to do so into the future.”
Simply, backed by Cabot Square Capital, was founded in 2017 and this year made its debut in the annual UK Asset Finance 50, which lists the country’s largest asset finance providers. It was also named European Equipment Finance Lessor of the Year at the annual International Asset Finance Network Awards. It employs more than 85 people and has funded 2,000 customers.
Earlier this year, Simply announced a move to significantly larger premises following a major rebrand.
Richard McDougall, partner at Cabot Square Capital, added: “The fact that Simply is able to secure funding from an institution such as Citi shows that it is a serious player in the asset finance arena. It is making great strides in forcing the market to sit up and think differently.”