borro, which specializes in personal asset lending, has gone from strength to strength since becoming a Smarta 100 winner and will use the extra funds to meet the ever-growing customer demand for its services.
Launched in the UK in 2008 and the US in January of this year, borro focuses on providing liquidity from luxury personal assets such as watches, jewellery, high-end cars, to fine art and antiques.
This £20m loan boost comes two weeks after borro announced they raised a further £16m in a fundraising round from a venture capital consortium led by tech investment giant Canaan Partners.
Ribbit Capital also invested in the round, and previous investors Augmentum Capital, Eden Ventures, and Rockridge participated as well.
"This new funding line represents the confidence the market has in our business, and marks the next development in our relationship with Octopus Investments," says Paul Aitken, CEO and Founder of borro. It is another exciting step for borro, and will allow us meet the demand from clients for our unique lending proposition, therefore maximizing our opportunity to become the leading global online liquidity marketplace for luxury personal assets that provides a significant new lending capacity to meet demand for our lending."
Hugh Costello, Investment Manager at Octopus, was delighted too, saying, "We have been working with borro's management team for
the last 18 months and we continue to be impressed by borro's product, its business model and the team. There is significant growth potential within this area of specialist lending and borro is rapidly asserting itself as the market leader in the personal asset backed lending sector."
For more information about borro, click here