Borro has announced a new £20 million lending facility through Octopus Investments (“Octopus”).
The lender says it will use the new funding line to meet customer demand for personal asset lending.
Octopus first financed borro’s UK loan book in 2011.
Paul Aitken (pictured), CEO and founder of borro, said: “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.
“We have invested heavily in our UK and US businesses with a recent equity injection (£16 million) from a US-led venture capital consortium, and in Octopus Investments we have a very important partnership that provides a significant new lending capacity to meet demand for our lending.”
Hugh Costello, investment manager at Octopus, added: “We have been working with borro’s management team for the last 18 months and we continue to be impressed by borro’s product, its business model and the team. There is significant growth potential within this area of specialist lending and borro is rapidly asserting itself as the market leader in the personal asset backed lending sector.
“Borro is in a strong position to grow in the UK and US and it is a well capitalised business. Its recent round of equity fundraising (£16 million) is testament to the confidence its investors have in its operational focus and loan book management. We look forward to continuing to support the business as it enters its next stage of development.”
