Borro Private Finance
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2008 |
| Headquarters | Denver , United States |
Area served | United States, United Kingdom |
Key people | Dewey Burke (CEO) |
| Products | Secured loans collateralized by luxury assets such as fine art, classic automobiles, jewelry, watches, and collectibles |
| Parent | Luxury Asset Capital |
Borro (previously known as Borro Private Finance) operates as a secured online lender in the United States, focusing on loans collateralized by high-value luxury possessions such as fine art, classic automobiles, jewelry, watches, and collectible items.
History
In February 2020, Borro became part of Luxury Asset Capital following its acquisition from Victory Park Capital. The company initially received financial backing from European Founders and Eden Ventures and subsequently completed several funding rounds. Notably, it raised $112 million from Victory Park Capital in March 2014 and secured an additional $19.5 million in February 2015, accumulating over $200 million in total investment.
Victory Park Capital acquired a controlling interest in Borro Private Finance in November 2017, expanding its role to include working capital financing along with providing strategic and operational guidance. The business adopted the name Borro Private Finance in July 2018 but reverted to Borro after the takeover by Luxury Asset Capital in 2020.
Services
Borro Private Finance earned recognition as the first online lender specializing in luxury assets within the UK market. Soon after its launch, the firm implemented a television advertising campaign aimed at daytime audiences and individuals seeking confidential online borrowing options. Credit Today honored Borro Private Finance with the Alternative Lender of the Year award in both 2011 and 2012.
The company’s expansion coincided with the economic challenges between 2008 and 2010. During its initial four months, Borro experienced a monthly doubling of its loan portfolio as entrepreneurs, property developers, and financiers turned to loans secured by luxury possessions. By June 2011, the firm had issued its first loan totaling £1,000,000.
On 4 July 2017, John Allbrook assumed the role of CEO, following Paul Aitken. Presently, Dewey Burke serves as CEO; he is also the founder and chief executive of Luxury Asset Capital, Borro’s parent company.
In the Media
Amidst the UK Parliamentary expenses controversy in 2009, Borro extended loan offers to financially distressed MPs at interest rates reduced by fifty percent compared to standard rates.
In June 2011, the Financial Times identified Borro as a significant short-term lending source for small and medium-sized enterprises (SMEs). By early 2012, The Daily Telegraph recognized Borro as a growing alternative finance provider.
Following its US market entry in 2012, Reuters reported on Borro’s lending of $120,000 against a wine collection. CNN Money also covered how Borro utilized asset-backed loans to support entrepreneurs and small business owners.
The Wall Street Journal noted in October 2013 that Borro addressed a financing niche by allowing clients to unlock equity from unique assets such as sculptures. In December of that year, The Mirror highlighted Borro’s acceptance of collateral ranging from Olympic gold medals to Formula One cars and Academy Awards.
In February 2015, CNN’s Out Front with Erin Burnett featured Borro’s appeal among wealthy clientele. Subsequently, in April, The Times published an interview with Group Sales Director Claire Barrington-Jones discussing the growth of asset-backed lending despite ongoing economic recovery.
External links
- Articles with short description
- Retail financial services
- Pawn shops
- Financial services companies of the United States
- Financial services companies of the United Kingdom
- American companies established in 2008
- Financial services companies established in 2008
- Retail companies established in 2008
- Multinational companies
- Companies based in Denver
- 5
- Companies of the United States by year of establishment