Since launching in August 2008, the business has introduced innovation and new customers to the age-old pawnbroking industry, and has been instrumental in helping asset-lending become a more mainstream way to obtain a short term loan.
The funding is being provided by European Founders Fund, Eden Ventures, Kreos Capital and a number of other undisclosed investors.
“Since our launch we have been amazed by the enormous demand. Each month the total value of new customer loans we are issuing is equivalent to the entire loan book of an average high street shop - and we expect this trend to continue. In this difficult economic climate, our biggest challenge has been to ensure that we have the capital to meet that demand, and we are now extremely well placed to do so.” said CEO, Paul Aitken. He added, “The combination of auction houses and online auction sites showing record listings, and consumer demand being depressed, means that many people are turning to us as an alternative to selling their valuables at heavily discounted prices.”
Borro continues to see an influx of large value items being pledged including luxury Swiss watches, expensive jewellery and gemstones, art collections and prestige motor vehicles.
With smaller over-heads it can offer lower interest rates compared to the majority of high-street operators, so borrowing against your assets with Borro.com can be significantly cheaper than, for example, an unauthorised over-draft. Provided customers can foresee an opportunity to repay the loan in a few months, their valuables gives them the opportunity to plug financial gaps as they arise instead of choosing to part with them for good.
With further announcements set for early next month, Paul Aitken said: “We are constantly looking at ways to innovate in this business and feel confident that through our honesty, transparency, discrete and easy-to-use services, we can continue to help build this industry and its improving reputation.”
