Borro Closes $112M Financing From Victory Park Capital
NEW YORK, March 4, 2014 /PRNewswire/ -- 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 platform 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 liquidity platform 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 is a personal asset lender, which offers small business owners, entrepreneurs and high-net worth individuals liquidity against luxury personal assets such as watches, jewelry, prestige and classic cars, fine art and antiques. Loan values are determined by expert appraisers with over 100 years of combined experience from the top auction houses. With Borro there are no credit checks and money is received within 24 hours. The service can be completed online, or in-person and Borro will lend $1,000 to $2,000,000 depending on the asset.
About Victory Park Capital
Victory Park Capital (VPC) is a privately held registered investment advisor dedicated to alternative investing through the management of private investment funds. As specialists in non-traditional investments, VPC focuses on niche credit and private equity opportunities in both distressed and improving middle market companies across a diversified range of industries. Whether as a lender or a control investor, VPC seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, VPC is headquartered in Chicago with additional resources in Boston, New York and San Francisco.
More information can be found at http://www.victoryparkcapital.com/.