Borro

About Borro

Borro operates as an online platform specializing in asset-backed loans, providing a financial alternative for individuals and businesses to secure capital against luxury possessions. Founded in August 2008 by Paul Aitken, the company initially launched in the UK before expanding to the US, establishing a presence in New York. Aitken, who previously ran a mobile solutions corporation, founded Borro to address a gap in the market for individuals who needed liquidity but didn't want to sell their high-value assets or undergo traditional bank credit checks. The business was conceived to serve high-net-worth individuals, entrepreneurs, and small business owners seeking rapid, discreet funding.

The company's business model centers on issuing loans collateralized by a diverse range of luxury items. These include fine art, jewelry, classic cars, luxury watches, designer handbags, and even rare collectibles like Oscar statuettes and fine wine. Borro distinguishes itself from traditional lenders by forgoing credit checks and lengthy application processes, instead focusing solely on the appraised value of the asset. This allows for rapid funding, often within 24 hours. Revenue is generated from the interest on these loans, which can range from $5,000 to over $5,000,000. The service provides a discreet, white-glove experience, with expert appraisers determining the loan value and ensuring assets are securely stored in specialized, insured facilities during the loan term.

Over the years, Borro experienced significant growth, fueled by major funding rounds from investors like Victory Park Capital, Eden Ventures, and Canaan Partners, raising over $200 million in total. In November 2017, Victory Park Capital acquired a majority stake in the company. The company later underwent another significant change when it was acquired by Luxury Asset Capital in February 2020. Following the acquisition, Luxury Asset Capital retired its own Pawngo and Lux Exchange brands, opting to move forward with the stronger Borro brand name. Today, Borro operates as a subsidiary of Luxury Asset Capital, continuing to provide collateralized loans while leveraging its parent company's infrastructure. The current CEO is Dewey Burke, who is also the founder and CEO of Luxury Asset Capital.