Leading online asset lender borro has secured a £20m loan facility from Octopus Investments.
Launched in the UK in 2008 and the US in 2012, online company borro provides customers with loans of £1,000 to £1,000,000 in return for their luxury assets, such as jewellery, cars and antiques.
The latest deal follows a £16m equity funding round led by Canaan Partners on October 11, which involved financing from Ribbit Capital alongside previous investors Augmentum Capital, Eden Ventures, and Rockridge.
The funding marks the online pawnbroker’s second deal with Octopus, which first financed borro’s loan book in 2011.
Founder of borro Paul Aitken is pleased to continue the relationship with the investment specialist: “This new funding line represents the confidence the market has in our business, and marks the next development in our relationship with Octopus Investments.
“It is another exciting step for borro, and will allow us meet the demand from clients for our unique lending proposition, therefore maximizing our opportunity to become the leading global online liquidity marketplace for luxury personal assets.”