The company will use the funding line to expand operations.
Launched in the UK in 2009 and in the US in 2012 by CEO Paul Aitken, Borro has created a liquidity marketplace for luxury personal assets. It focuses on providing liquidity to individuals, entrepreneurs and business owners who use luxury personal assets such as watches, jewelry, supercars, fine art, antiques and high-end handbags as collateral for loans.
The service can be completed online, or in-person and Borro will lend $1k to $2m depending on the asset. It has an average loan value of $12k.
25/10/2012: Borro Receives $32M Loan Facility from Octopus
11/10/2012: Borro Raises $26M in Funding
14/06/2011: Borro Receives Debt Financing from Octopus
31/03/2011: borro.com Receives Venture Capital Financing
29/03/2010: Borro.com Raises £10M