London based online lender Borro has announced $6.79M in new venture funding from undisclosed investors. Borro is an online company providing loans of up to $10,000,000 secured against luxury assets such as fine art, antiques, jewellery, luxury watches, prestige & classic cars, fine wine and more.
Paul Aitken, founder of Borro, said: “We grew our business by 30% in 2016 while securing FCA permission for luxury asset, regulated bridging, and consumer buy-to-let lending. “This financing allows us to strengthen our balance sheet to gain broader access to debt to fund our loans, and in turn allow us to continue to grow at the same rate or faster in 2017 and beyond.” In September, Borro reported an operating profit of £1m for 2015. Since 2011, the firm has originated over £230m in lending, with an average loan of £50,000 for luxury assets and £625,000 for residential property.