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Simply, the fast-growing SME equipment finance provider, has received an increase to its funding line from specialist bank Aldermore, which brings the total lending facility to £30 million.

The additional £10 million makes Simply one of Aldermore’s most significant block funding partners and the IAFN Award-winning companies say the total facility is one of the largest block discount deals in the market.

Mike Randall, chief executive officer of Simply, said: “As a new start company, we were fortunate that Aldermore could support us with a funding line in our first year of trading. What really made Lee and his team stand out was the excellent and friendly service we received and the willingness to increase the support as we grow. Good working relationships are a core part of any partnership.

“Simply is revolutionising how SMEs are able to access funding and, as part of this, Aldermore’s facility will enable us to lend and boost our support to more businesses.”

Simply was founded in 2017 by a team of industry specialists with an aim to drive innovation and disruption in the asset finance sector. It now employs more than 90 people and has 2,500 customers in sectors ranging from manufacturing and construction to transport and recycling. It is majority owned by a Cabot Square Capital fund.

Lee Rhodes, commercial director‚ wholesale & structured asset finance at Aldermore, said: “It is a real pleasure to be able to announce the latest deal with Simply. Right from the start we knew that we had to look not just at the numbers but also the people involved and what the team wanted to achieve. Simply has accomplished a great deal in its first two and a half years, and we are pleased to be part of that story.”

In the 2019 International Asset Finance Network Awards, Aldermore was named European SME Finance Provider of the Year, while Simply secured the title European Equipment Finance Lessor of the Year.

In the 2018 awards, Randall was named CEO of the Year – Equipment Finance. The award recognised his inspiring leadership in developing the business.