Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Simply Asset Finance Achieves Record Revenue as SMEs Embrace Alternative Lenders Over Big Banks

by May 13, 2024
May 13, 2024
Simply Asset Finance Achieves Record Revenue as SMEs Embrace Alternative Lenders Over Big Banks

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

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

Despite challenges, Simply Asset Finance maintained profitability for the third consecutive year, with a pre-tax profit of £5.5 million, albeit slightly lower than the £7.1 million reported in 2022. The firm’s loan book also saw substantial growth, expanding by 15% to reach £480 million in the past year. Since its establishment in 2017, Simply has facilitated financing for approximately 7,500 SMEs across Britain, with total loan origination to date standing at £1.3 billion.

Mike Randall, Chief Executive of Simply Asset Finance, attributed the company’s continued growth to the pressing need for improved access to business funding in the UK. Amid criticisms of high street banks for scaling back on small business lending and implementing restrictive practices, SMEs are increasingly turning to specialist lenders for support. According to UK Finance, the majority (59%) of SME lending now originates from outside traditional banking institutions.

Simply’s success is further exemplified by its inclusion in the Financial Times’ ranking of Europe’s 1,000 fastest-growing financial services businesses for three consecutive years, affirming its position as a leader in the industry. 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 lending partners as a white-labelled product.

Looking ahead, Randall expressed optimism for 2024, foreseeing a positive year for SME growth amidst increasing resilience and business optimism. Chief Financial Officer Stefan Wolvaardt echoed this sentiment, emphasizing the company’s positive profitability amidst a challenging economic landscape marked by high interest rates and double-digit inflation. As SMEs continue to navigate uncertainties, Simply Asset Finance remains committed to providing accessible funding solutions to support their growth aspirations.

Read more:
Simply Asset Finance Achieves Record Revenue as SMEs Embrace Alternative Lenders Over Big Banks

0
FacebookTwitterGoogle +Pinterest
previous post
New homes built in the UK in 2024 plunges by fifth in blow to government house building targets
next post
Communication Innovations within the Workplace

You may also like

House prices climb 11% despite cost of living...

August 2, 2022

Trump Media turns to cryptocurrency with new truth.fi...

January 29, 2025

Zendo Energy raises £1.75M to help data centres...

May 12, 2025

The Body Shop Announces Closure of Nearly Half...

February 20, 2024

No Deposit Casino Bonus: Hidden Terms to Look...

May 16, 2025

Hospitality hit as consumers cut back

September 23, 2022

Private school fees: Schools need to act now...

June 28, 2024

‘Poor maths skills’ blamed for rising benefits bill,...

December 30, 2024

0penAI Unveils GPT-4o: The Next Generation AI Chatbot...

May 14, 2024

UK service sector sheds jobs for fifth month...

March 6, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025
    • Tech ETFs are Leading Since April, but Another Group is Leading YTD

      June 7, 2025
    • TIMELINE: Inside the evolving relationship between Trump and Musk from first term to this week’s fallout

      June 7, 2025
    • Deadly drone wars are already here and the US is horribly unprepared

      June 7, 2025
    • Week Ahead: NIFTY’s Behavior Against This Level Crucial As The Index Looks At Potential Resumption Of An Upmove

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,564)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved