Borro, a London, UK-based online personal asset lender, has raised $26m in funding.
The round was led by Canaan Partners, with participation from Ribbit Capital, and existing investors Augmentum Capital, Eden Ventures, and Rockridge.
The company intends to use the capital to continue to expand in the US and UK, and to broaden its product range.
Founded in 2008 in the UK by Paul Aitken, CEO, and launched in the US in 2012, borro offers personal loans up to $1m secured against personal assets such as fine art, antiques, jewelry, luxury watches, prestige and classic cars, fine wine, etc.
The company has made 15,000 personal asset loans to date with an average loan value of $10k.
In conjunction with the funding, Dan Ciporin, General Partner at Canaan Partners, has joined borro’s Board of Directors.
FinSMEs
11/10/2012
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