Boro

About Boro

Founded in 2015 by Hao Liu, Boro operates as a consumer finance platform headquartered in Chicago, Illinois, with a focus on serving college students and recent graduates who are often overlooked by traditional lenders. The company was established based on the founders' own experiences as international students struggling to secure financing for essential needs like a car.

Boro's core business revolves around providing affordable microloans and auto loans to a clientele that includes both U.S. and international students, a segment that typically has a limited or non-existent credit history. The company addresses a significant market need, as many students face financial stress and may drop out due to monetary issues. Revenue is generated through interest on these loans. The company has secured significant funding, including a $100 million line of credit from Arcadia Funds in 2018 and a $12 million Series A round in 2020 led by LexinFintech.

The company's primary offerings are BoroCash and BoroDrive. BoroCash provides personal microloans to cover expenses like textbooks, fees, and groceries. BoroDrive is an auto loan product for new or used vehicles, with financing starting at $5,000 and repayment terms from 12 to 60 months. A key differentiator is Boro's proprietary, non-FICO underwriting process which assesses applicants on alternative data points such as educational background, bank transactions, and utility bills, rather than traditional credit scores. This allows them to serve students without a Social Security Number or prior credit history, while also helping them build their credit by reporting payment history to credit bureaus like Experian. The application process is entirely online and designed to be completed within a few business days.