Online personal asset lender borro has announced today that it has raised $26 million of funding headed by global venture capital firm Canaan Partners.
Further investment has come from Ribbit Capital, a venture capital firm founded by Meyer Malka, which invests in unique individuals and brands that are on a mission to disrupt financial services globally.
Previous investors Augmentum Capital, Eden Ventures and Rockridge also participated.
borro will use this latest investment both to continue expansion in the US and UK and to broaden its product range.
Canaan, who lead the round of investment, has deep experience in funding fin-tech companies and is a major investor in LendingClub, the leading online peer-to-peer lending exchange, as well as luxury e-commerce companies TheRealReal, Gemvara, OpenSky, and UK-based Onefinestay.
Launched in the UK in 2008 and in the US in 2012, borro is rapidly changing the asset lending industry. The company offers fast and efficient personal loans up to $1 million secured against personal assets, such as fine art, antiques, jewelry, luxury watches, prestige and classic cars, fine wine, and more. The innovative lender has achieved triple-digit revenue growth each year over the last three years and, with an average loan value of $10,000, has made 15,000 personal asset loans to date.
Paul Aitken, CEO and Founder of borro, said: "This investment comes at a pivotal time for borro. The new funding will allow us to accelerate growth in the US and UK as the leading online lending and liquidity marketplace for luxury personal assets.
“In Canaan Partners and Ribbit Capital, we welcome new US-based investors with extensive hands-on experience helping grow and transform companies in the fin-tech and luxury markets."
Dan Ciporin, General Partner at Canaan Partners and newly appointed member of borro's Board of Directors, said: "We invested in borro because it's a fast-growing company solving an enormous problem - trusted, immediate and convenient access to cash for consumers and business owners whose financial alternatives have been negatively impacted by the lending credit crunch.
"Canaan's background investing in new asset classes in fin-tech combined with our international experience helping start-ups from Europe, Israel, and India grow their business in the US will enable us to offer hands-on operational guidance to borro as it expands worldwide."
Meyer Malka, Managing Director of Ribbit Capital, said: "The category in which borro is building its business has suffered from a profound lack of innovation. Ribbit is proud to work with companies that bring a trusted brand and a high quality, transparent experience to customers."
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