Simply Asset Finance, the specialist business lending provider, has announced FY2022 profits of £7.1million, doubling year-on-year. In a landmark year for the business, Simply Asset Finance also reached £1billion lent to UK businesses since inception and saw 2022 revenues soar to £38.2million.

The business was founded in 2017 by a team of asset finance specialists in response to the overly-complicated SME financing process generating low approval rates in the UK. It has since grown to a team of 127 members and in 2023 was named in the Top 20 of the FT1000’s list of Europe’s fastest-growing financial services businesses, the second consecutive year it has been recognised in the list.

Since it was established, Simply Asset Finance has funded over 27,600 assets for businesses across the UK and helped finance over 6,000 customers. In 2022 alone, it added £110million to its loan book, a 36% increase year on year, representing the ever-growing demand for bespoke lending to SME customers, and Simply Asset Finance’s ability to support businesses during the current economic uncertainty.

Simply Asset Finance lends to businesses across a wide range of sectors including transport, construction, manufacturing, recycling, and agriculture. Each business served by Simply Asset Finance is supported by its on-the-ground experience across England, Scotland, Wales and Northern Ireland.

Simply Asset Finance’s expansion has been greatly driven by its bespoke technological capabilities which are integral to the business model, designed to change how lending should work whilst significantly improving service levels. The data models look beyond the balance sheet and use real-time data to allow a multi-dimensional view of the customers’ ability to repay a loan. This is then paired with a strong team of experts and trusted broker partners across the UK who customers can trust to fully understand their businesses and deliver a seamless funding experience.

Mike Randall, CEO at Simply Asset Finance, said: “The speed of our growth and the profitability of the business is testament to our team and the technology we’ve built that delivers a seamless funding experience for UK businesses. These results embed us on our plan to advance the business into the next stage of growth. As a team, we have built a lending solution that is an industry game-changer, looking beyond the balance sheet to serve all SMEs and support them to grow and thrive.

“Looking ahead, it would be remiss not to acknowledge the hurdles the businesses we serve are facing. However, we know from previous years they are resilient in the face of adversity, and we are dedicated in continuing to recognise the potential of SMEs and back the businesses that make up over 60% of the UK economy. Our team will continue to help them navigate the challenging environment and offer them suitable solutions, come rain or shine.”

Stefan Wolvaardt, Simply Asset Finance CFO, said: “Doubling our profits year-on-year clearly demonstrates the strong growth trajectory we are on. To have worked with 6,000 customers and lent over £1 billion since inception shows our business is serving SMEs in the right way, allowing them to grow and become a driver of the UK economy. We look forward to continuing to build our customer base in 2023 and beyond.”