London-based asset finance provider, Simply Asset Finance, has secured a £20m block discounting facility from Cynergy Business Finance (CBF), the asset-based lending (ABL) arm of Cynergy Bank.

With ambitious growth plans, Simply required additional capital to expand its growing lending book. CBF worked closely with the Simply team, securing them the £20m facility to help release capital from within its existing customer agreements.

The transaction marks another key block discounting facility provided by CBF, having announced the launch of the new product earlier this year. The offering expands on CBF’s existing asset-based lending service, offering facilities throughout the UK from £500k to £20m.

Stefan Wolvaardt (pictured), 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. I look forward to continuing this work with the CBF team over the coming months.”

Dave Golding, Managing Director at Cynergy Business Finance, added: “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.”