£20m deal marks milestone for Cynergy Business Finance
Manchester-based Cynergy Business Finance (CBF) has provided a £20m Block Discounting facility to Simply Asset Finance to help release capital from its existing customer agreements.
The transaction marks a milestone for CBF which launched its Block Discounting product earlier this year.
Simply is a London-based asset finance provider. Founded in 2017 by a team of asset finance specialists, it offers a range of services including hire purchase, finance leasing and asset equity release.
With a current lending book of £500m, Simply now works with more than 7,000 customers across a variety of sectors including manufacturing, construction, transport and recycling.
With ambitious growth plans, Simply required additional capital to expand its growing lending book. CBF, the asset-based lending arm of Cynergy Bank, worked closely with the Simply team to secure the facility.
The offering expands on CBF’s existing asset-based lending service, offering facilities throughout the UK from £500,000 to £20m.
Dave Golding, Cynergy Business Finance managing director, said: “In a short space of time we’ve already established ourselves as a key provider in the Block Discounting market and are delighted to be a funding partner for an innovative lender like Simply.
“As we look to continue expanding our offering, we remain committed to unlocking capital for both asset funders and trading businesses across the UK.”
Stefan Wolvaardt, chief financial officer at Simply Asset Finance, said: “Over the last six years we’ve quickly become a go-to asset finance provider in the UK, having significantly grown our lending book. To continue on this impressive growth trajectory, trusted and flexible funding partners are essential.
“The CBF team was able to quickly understand our funding structure and, ultimately, provide a Block facility that will allow us to continue providing essential funding to businesses across the UK.”