Simply reports record year as total loan origination surpasses £1.75bn

Simply Asset Finance has announced a record-breaking financial year, surpassing £1.75 billion in total loan origination since its 2017 launch and delivering its strongest performance to date.

For the financial year ending 31 December 2024, the specialist SME lender posted pre-tax profits of £8.5 million and revenues of £60.4 million — a 13% year-on-year increase. The company also grew its gross loan book to £505 million and now supports over 11,000 businesses across the UK, having completed more than 22,000 funding agreements to date.

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.”

The company’s 2024 success was fuelled by investments in technology, operational scalability, and strategic partnerships. Key developments included migrating its loan book to Lendscape’s cloud-native platform and securing additional funding through a new facility loan from Bank of America, alongside an expanded commitment from the British Business Bank’s ENABLE programme.

Simply’s regional presence also continued to thrive. Its Belfast office, launched in 2019, has now originated over £100 million in loans, supporting more than 700 SMEs in Northern Ireland alone. Company-wide, headcount has grown to over 180 employees.

CFO Stefan Wolvaardt 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.”