Simply Asset Finance is seeing record sales as small and medium businesses embrace alternative lenders over big banks

London-based specialist lender Simply Asset Finance has achieved a significant milestone, posting record annual revenues of £52.3 million for fiscal 2023, a remarkable 37% increase on the previous year.

This achievement underlines the growing trend of small and medium-sized enterprises (SMEs) seeking alternative financing options to traditional big banks.

Despite challenges, Simply Asset Finance maintained profitability for the third year in a row, with a pre-tax profit of £5.5 million, albeit slightly lower than the £7.1 million reported in 2022. The company’s loan portfolio also saw a substantial growth, with a growth rate of 15%. reached £480 million last year. Since its inception in 2017, Simply has facilitated financing for around 7,500 SMEs in Britain, with total loan production to date of £1.3 billion.

Mike Randall, CEO of Simply Asset Finance, attributed the company’s continued growth to the urgent need for better access to business finance in Britain. Amid criticism of major banks for scaling back small business lending and implementing restrictive practices, small and medium-sized businesses are increasingly turning to specialist lenders for support. According to UK Finance, the majority (59%) of SME lending now comes from outside traditional banking institutions.

Simply’s success is further illustrated by its inclusion in the Financial Times rankings of Europe’s 1,000 fastest growing financial services providers for three consecutive years, confirming Simply’s position as a leader in the sector. Randall highlighted the role of Simply’s ‘Simply Connect’ technology platform in driving growth, which not only serves its own customers but also supports broker partners and integrates with lenders as a white-labeled product.

Looking ahead, Randall expressed optimism for 2024, predicting a positive year for SME growth amid increasing resilience and business optimism. Chief Financial Officer Stefan Wolvaardt echoed this sentiment, highlighting the company’s positive profitability amid a challenging economic landscape characterized by high interest rates and double-digit inflation. As SMEs continue to deal with uncertainties, Simply Asset Finance remains committed to providing accessible financing solutions to support their growth ambitions.