Lender secures huge funding boost

One of the industry’s best known lenders has secured a substantial new funding faciliy.

Borro, the leading personal asset lender, has announced a new £67 million lending facility through Victory Park Capital.

Victory Park Capital or VPC, is an asset management firm that provides debt and equity financing to middle-market companies. 

Founded in 2007, VPC is a privately held, registered investment advisor and asset manager focused on niche credit and private equity opportunities in middle-market companies based in Chicago. 

Borro, which has seen significant growth over the last five years by offering its clients unrivalled speed, ease and pricing, will use the new funding line to meet increasing demand both from the UK market and across the Atlantic in the US.

Borro has disrupted the mainstream pawnbroking and auction industries by creating a liquidity platform for luxury personal assets. 

Launched in the UK in 2009 and in the US in 2012, the lender has created a new category of personal asset lending in the process.

Providing personal asset loans on average of £7,000, Borro focuses on providing liquidity to individuals, entrepreneurs and business owners who use luxury personal assets such as watches, jewellery, supercars, fine art, antiques and high-end handbags as collateral.

Commenting on the news, Paul Aitken, CEO and Founder of Borro, said: “This new lending line represents the confidence the market has in our business, and in Victory Park Capital we have a very important partnership that provides a significant new lending capacity.  It is another exciting step for Borro, and will allow us to meet the increasing demand from clients for large-scale loans in both the UK and the US.  Ultimately it maximises our opportunity to become the leading global liquidity platform for luxury personal assets.”

Brendan Carroll, Partner, Victory Park Capital added: “We are very excited about the opportunity to partner with Borro, especially at this point in the company's lifecycle as it continues into new geographical markets.  Paul has surrounded himself with an accomplished team and we look forward to helping Borro take its innovative business model to the next level.”