The amount of the deal was not disclosed. VPC originally provided Borro with a credit facility in Feb. 2014 to support its loan portfolio and will now expand its involvement to also include working capital financing along with strategic and operational support.
As part of the transaction, which required change of control approval from the Financial Conduct Authority (FCA), closed on November 15, Tom Welch and Gordon Watson, partners at VPC, joined Borro’s board of directors.
Launched in 2008 in the UK and led by John Allbrook, CEO, Borro is an international online platform for luxury asset-backed lending. It offers loans from $5,000 – $10,000,000 secured against luxury assets including fine art, antiques, jewelry, luxury watches, fine wine, prestige and classic cars and other high value assets.
The company also has opened offices in New York and Los Angeles.