The Bank of America has moved to support Simply Asset Finance, a fintech that focuses on lending to SMEs, with a loan facility worth up to $120 million.

Finextra.com reports that the initial facility is for $60 million.

The London-based fintech was founded in 2017, establishing a digital platform that has since lent over £1.3 billion to more than 7,400 UK small businesses since.

“We’ve created a digital path to finance through our industry-leading technology paired with our team of experts which sets us apart,” Stefan Wolvaardt, Simply Asset Finance CFO, said.

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