Paul – who founded the company in 2008 – led Borro through its early stages, from online to its expansion into the US, culminating in the launch of property lending in the UK.

Since launch, Paul has overseen over £260m in lending across the UK and the US and over the past three years the business has transformed itself into a secured lending platform for wealthy clients. 

“Obviously this was a very tough decision for me, but the time is right,” said Paul.

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“Borro started at a time when there was no one doing this kind of lending and growing the business from a start-up to the company it is today has been a terrific experience. 

“The business has matured a lot over the years and John [Allbrook] is the right person to lead it on to the next stage of its development.”

John Allbrook, non-executive chairman, will assume full executive responsibility for the company with immediate effect. 

John has previously worked at GE Capital and GoIndustry as well as serving as executive chairman at Syscap, which he led through its successful exit to  the Wesleyan Assurance Society 2015.

Paying tribute to Paul, John added: “Paul has been an inspirational and visionary leader of Borro.

“It has been a pleasure working with him and everyone here wishes him well. 

“He leaves the company well positioned for the future, which I am confident will be a bright one.”