Borro Closes $112M Financing From Victory Park Capital
Mar 04, 2014
New York — Borro, the leading personal asset lender, has closed $112 million in financing through Victory Park Capital (VPC), an asset management firm that provides debt and equity financing to middle-market companies. 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 the customer demand for large-scale personal asset loans.
Borro has disrupted the mainstream pawnbroking and auction industries by creating a liquidity marketplace for luxury personal assets. Launched in the UK in 2009 and in the US in 2012, Borro has defined a new category of personal asset lending in the process. With an average loan value of $12,000, Borro focuses on providing liquidity to individuals, entrepreneurs and business owners who use luxury personal assets such as watches, jewelry, supercars, fine art, antiques and high-end handbags as collateral for loans.
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.
“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,” said CEO and Founder of Borro, Paul Aitken. “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 maximizes our opportunity to become the leading global online liquidity marketplace 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.”
Borro launched in 2008 in the UK, and has gone on to open offices in New York and Los Angeles. It is the leading international online platform for luxury asset-backed lending and has defined a new lending category in a climate where loans of this type were few and far between. Borro offers loans from $5,000 – $10,000,000 secured against luxury assets including fine art, antiques, jewelry, luxury watches, fine wine, prestige and classic cars and other high value assets.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. VPC provides opportunistic capital solutions to both emerging and established businesses with an expertise investing across various sectors where traditional sources of capital are limited. The firm’s differentiated offerings leverage an extensive network of industry relationships, disciplined deal origination, creative financing capabilities and broad credit structuring and special situations expertise. The firm was founded in 2007 and is headquartered in Chicago with additional offices in New York, Los Angeles and San Francisco. For more information, please visit www.victoryparkcapital.com.