Borro has secured a GBP67m lending facility through Victory Park Capital (VPC), an asset management firm that provides debt and equity financing to middle-market companies.
Borro, which has seen significant growth over the last five years, will use the new funding line to meet UK and US customer demand for large-scale personal asset loans.
Borro has disrupted the mainstream pawnbroking and auction industries by creating a liquidity platform for luxury personal assets. Launched in the UK in 2009 and in the US in 2012, Borro has defined a new category of personal asset lending in the process. With an average loan value of GBP7,000, Borro focuses on providing liquidity to individuals, entrepreneurs and business owners who use luxury personal assets such as watches, jewellery, supercars, fine art, antiques and high-end handbags as collateral for loans.
Founded in 2007, VPC is a privately held, registered investment advisor and asset manager focused on niche credit and private equity opportunities in middle-market companies based in Chicago.
Paul Aitken, CEO and founder of Borro, says: “This new lending line represents the confidence the market has in our business, and in Victory Park Capital we have a very important partnership that provides a significant new lending capacity. It is another exciting step for Borro, and will allow us to meet the increasing demand from clients for large-scale loans in both the UK and the US. Ultimately it maximises our opportunity to become the leading global liquidity platform for luxury personal assets.”
Brendan Carroll, partner, Victory Park Capital, says: “We are very excited about the opportunity to partner with Borro, especially at this point in the company's lifecycle as it continues into new geographical markets. Paul has surrounded himself with an accomplished team and we look forward to helping Borro take its innovative business model to the next level.”
