Boro, a Chicago, IL-based provider of affordable loans and financial education to students ignored by traditional lenders, raised $12m in Series A funding.
The round was led by Chinese fintech company LexinFintech (NASDAQ: LX).
The company intends to use the funds to expand its offerings to more colleges and universities in more states, further improve its financial technologies to increase its market penetration in the U.S.
Led by Hao Liu, co-founder and CEO, Boro is an online lender that provides credit to college students and recent graduates who are underserved by traditional lenders. Its proprietary non-FICO loan application process allows students to obtain microloans and build their credit, even without a prior credit history or even a social security number. Loans help cover critical expenses – like textbooks, class fees, groceries, and test prep materials. Its financial products are available at over 200 colleges and universities in 31 states across the country.
In 2018, Boro secured a $100 million dollar line of credit from Arcadia Funds. In 2017, the company raised a $2 million angel round.
FinSMEs
18/03/2020