The three rounds of financing are expected to provide more than £180m of funding to smaller businesses.

This is said to be the largest total facility under the ENABLE funding programme, which aims to improve the supply of asset and lease finance to smaller UK businesses.

Mike Randall, CEO at Simply (pictured above), said: “We believe we are building something different, something that challenges the current industry status quo.

“Simply wants to lend money to entrepreneurs, family businesses and small- and medium-sized enterprises across the country to let them grow and prosper.

“With every transaction, we enable them to employ staff, serve their customers and pump oxygen into the foundations of the SME economy.

“And thanks to this third tranche from the British Business Bank, we are able to provide more of our customers with the tailored solutions and long-term partnerships that will see them through the whole economic cycle.”

Reinald de Monchy, managing director, guarantee and wholesale at the British Business Bank, added: “Since our relationship began in 2017, it is encouraging to see that Simply has continued to increase the amount of leasing and asset finance available to businesses to help them purchase equipment, free up working capital and invest in growth.

“The bank remains committed to increasing the diversity of finance provision, allowing non-bank entrants like Simply to help provide even more funding options to smaller businesses around the UK.”

Richard McDougall, partner at Cabot Square Capital, said: “It is great that the British Business Bank is extending its support to Simply for the third time, alongside Cabot.

“Mike and his team provide an invaluable service to businesses across the country — Simply lends Cabot’s institutional capital and funds from the British Business Bank into the real economy in a modern way, with total focus on customer experience and outcomes.”