The newly launched SME lender will use the funding to increase the supply of leasing and asset finance it provides to SMEs in the UK.

The lender is backed by Cabot Square Capital and provide a range of SME finance products, including hire purchase, finance leases and refinance solutions.

So far, it has facilitated more than £35m of financing in sectors such as manufacturing, construction, transport and recycling.

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Simply Asset Finance launched in April 2017 and is led by Mike Randall (pictured above), who said: “Non-bank lenders are taking an ever increasing share of the SME finance sector and block discounting is an important part of this. 

“SME growth has a significant impact on the UK economy and the package that the experienced and specialist team at Aldermore has provided us with will enable us to further support those businesses that are vital to the country’s prosperity.”

Hywel Prewett, business development manager at Aldermore, added: “To date, we have extended over £240m in block discounting facilities to the market and we are delighted to be able to provide this significant amount to Simply Asset Finance’s lending operations, which will in turn broaden our reach to a wider range of businesses across the country.

“Simply Asset Finance’s business culture – based around helping SMEs in both good times and bad – is very similar to Aldermore’s and because of this fit, we look forward to this being a long and successful relationship.”