Simply Asset Finance Reports Record Financial Year As Total Loan Origination to Date Surpasses £1.75Bn

Simply Asset Finance has contributed significantly to UK business loan growth, reporting a record-breaking financial year. With total loan originations surpassing £1.75bn, the firm’s momentum highlights rising demand for alternative funding solutions among UK businesses.

This achievement comes as the business recorded pre-tax profits of £8.5 million for the financial year ended 31 December 2024, alongside revenues of £60.4 million –  a 13% year-on-year increase. The business also grew its gross loan book to £505 million over the 2024 period. This record-breaking performance reflects wider trends in UK business loan growth, as SMEs increasingly seek funding for equipment and expansion.

Since inception, Simply has significantly grown its customer base, bringing its total number served to over 11,000 businesses to-date. Since the launch of the business in 2017, Simply has also facilitated more than 22,000 agreements. Its growth reflects an ongoing opportunity in the market for tailored lending, as a lack of financial support for UK SMEs sees them seeking more reliable, and scalable funding.

The business’ financial performance in 2024 was underpinned by investment in operational scalability, strategic partnerships, and strong regional growth. In May 2024, Simply migrated its loan book to Lendscape’s cloud-native, open-API platform to support rapid scaling. Meanwhile, the addition of a new facility loan from Bank of America and an expanded commitment from the British Business Bank’s ENABLE programme broadened Simply’s funding base, enabling the business to deliver finance to SMEs nationwide at greater scale.

Simply’s regional strategy also continued to deliver strong results, supported by a growing national team – now with more than 180 employees. In Northern Ireland, its Belfast office has surpassed £100 million in total loan origination, supporting over 700 local SMEs since launching in 2019.

Mike Randall, CEO at Simply Asset Finance, 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’s 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.

“Simply exists to do just that; empowering UK SMEs to reach their potential, and we remain fully committed to that mission. None of this success would have been possible without the dedication of our expert team and the trust of our partners and customers.”

Stefan Wolvaardt, CFO at Simply Asset Finance, added: “To deliver a healthy increase in profit during a year of economic uncertainty – while also surpassing a £1.75 billion total origination milestone – is a huge achievement. Through trusted strategic partnerships, we’ve successfully navigated a complex funding landscape while maintaining a clear focus on delivering the right solutions for our customers. We remain focused on profitable growth and are well-positioned to help even more businesses in the years ahead.” Industry experts predict continued UK business loan growth, driven by increased infrastructure investment and digital lending platforms.