Not to be confused with Burough, Boro (disambiguation), Borrow (disambiguation), Burro, or Borro Design.
Private Listed
Industry Financial Services
Founded August 2008 (August 2008)
Founder Paul Aitken
Headquarters London, UK and United States
Key people
Paul Aitken, CEO
Services Secured loans, Luxury Asset Loans, Collateral loan,
Number of employees
55 (2014)

Borro is a UK-US-based online secured lender that offers loans secured on property and luxury assets.[1][2] The company has offices in London, New York and Los Angeles where it serves wealthy clients across the UK and USA.[3][4] The company’s loans allow clients to use luxury assets such as fine art, luxury and classic cars, jewellery, watches, antiques, fine wine, luxury handbags, and memorabilia for fast liquidity. In the UK the company also offers bridging loans against residential property.

As of 2016 Borro has written over £200,000,000 in lending and its average loan size on luxury assets is £55,000 while the average loan size for property is £1,000,000.


London Launch

Borro was initially established with the aim of modernizing the image of asset-based lending, transforming it into a discreet,[5] convenient and transparent way to release equity from assets over the Internet rather than on a High Street. The service was launched in the UK in August 2008.

Borro is a privately held finance company and was first funded by European Founders and partners Eden Ventures.[6] In 2011 the asset lender received two sets of funding, firstly a £7,500,000 investment from Augmentum Capital in April 2011,[7] then Octopus in a deal that would allow business to "meet the demands of services".[8] In March 2014 Borro raised £67,000,000 from Victory Park Capital.[9]

In October 2014 Borro announced it had reached the milestone of lending £100,000,000 in loans to individuals and small businesses. Also, as a result of the average loan values increasing from £7,000 to £15,000 from October 2013, Borro discontinued loans of less than £3,000.

New York Launch

In 2012 Borro launched its services to the USA market, offering a "unique" [10] alternative to liquidity lending and making quick cash available to individuals and businesses. By April Borro had reached over $1,000,000 on its loan book in the US.[11] The March 2014 fundraise of $112,000,000 million in debt financing allowed the company to increase its lending capacity to $2,000,000 per asset.[12]

California Launch

In June 2014, Borro expanded its services further in the USA market, opening in California. The company explained it was vital to open an office in Los Angeles due to demand from partners and to gain a further understanding of the market in that area.

Fueling Growth

In February 2015, Borro raised an additional $19,500,000 in funding to fuel rapid growth in the UK and US. The funding round was led by new investor OurCrowd and existing investor Rocket Internet with existing investors Canaan Partners, Eden Ventures, and Augmentum Capital also participating. This round pushed Borro's total capital raised to over $200,000,000.[13]

Luxury Asset Lending

Borro was lauded as the UK's first ever online luxury asset lender.[14] Soon after launch the company's advertising campaign commenced on television, aimed at the daytime audience and those seeking to take "discreet" loans online.[15] Credit Today named Borro Alternative Lender of the Year in 2011 and 2012.[16]

The success of Borro and the other newly established online loan companies can be aligned to the worldwide economic decline of 2008-2010.[17] It was felt by some that, with banks cutting back on readily available funds to offer as loans to their customers, luxury asset lenders would be the acceptable alternative and that more people would begin to use the service.[18] This trend to bypass banks and more conventional lenders has not just been applicable to personal finance but has risen in the business sector too with a reported one in four customers using Borro to facilitate a business transaction or opportunity.[4]

In its initial 4 months Borro doubled its loan book every month, as a surge in business owners, developers, and City financiers attempted to secure loans on their luxury items gained in more wealthy times. By June 2011 it was reported in The Times that Borro conducted its first £1,000,000 loan.[17]

In August 2013 it was suggested that online asset lending is a viable option when raising finance for a start-up company. It was also suggested that the increase in popularity of asset lending relates to the speed in which the funds could be released because the loan itself is secured against an asset.

The rise of online luxury asset lending was again underlined in 2014 when an article from Real Homes stating that asset lending could be used to raise finance for major renovations around the house. In the same month, it was presented by This is Money that jewellery can be used as collateral when sourcing funds for a new business.

In response to partner demand, Borro introduced a new, long-term loan in March 2015. Term Loans provide loans for 18, 24 or 36 months. Prompted by the launch of the Term Loan, Borro changed the name of its flagship product to Bridging Loans. Sale Advance Loans round out Borro’s product offerings. This product provides clients with a loan on their luxury asset(s) prior to it being sold at auction or private sale by Borro's experts. Upon sale of the luxury asset(s) the net proceeds are then remitted to the client.

Board of Directors

Nigel Morris, Co-Founder of Capital One serves as Borro's Non-Executive Chairman. Borro’s Board of Directors includes Paul Aitken, Founder and CEO of Borro, Dan Ciporin from Canaan Partners, Paul Gratton from Egg, Tim Levene from Augmentum Capital, and Ben Tompkins from Eden Ventures.

Awards & Recognition

Credit Today named Borro Alternative Lender of the Year in 2011 and 2012. Borro was also named as best alternative lender 2012 in the Bridging and Commercial awards Borro was named as a finalist for the Red Herring Europe 100 Awards 2011 Europe, bringing together the world's innovators, business makers and venture investors

Borro was awarded a Stevie Award in 2011 and 2 in 2012. In 2011 they were named distinguished honouree in the ‘Financial Services Company of the Year’ category. In 2012, Borro won Gold in the ‘Sales and Customer Service’ category as well as silver in the Company of the Year category. Borro also won a bronze Stevie award in The American Business Awards in the Company of the Year - Banking, Financial Services and Insurance category in June 2014.

In November 2012 Borro was awarded a place in the Red Herring Global 100.

In January 2014 Borro was named as part of the FinTech 50, celebrating Europe's hottest FinTech businesses. In December 2014 Borro placed 8th in the KPMG global FinTech 50.

In May 2016 Borro was ranked #20 on The Sunday Times SME Export Track 100 list, a list of recognised UK SMEs with the fastest growing international sales.

In the Media

Amidst the United Kingdom Parliamentary expenses scandal in 2009, Borro offered any "struggling" MPs a loan at half the normal interest rates.[19]

In 2011 Borro was featured in a Channel 4 documentary "The Pawn King" as part of its "First Cut" series which featured Paul Aitken the CEO and founder and an insight into the Pawnbroking industry. Screened at 7pm on Jan 14th, 2011, Channel 4 used the following to describe the programme: "In the tough economic climate, pawning is no longer just the preserve of the poor. First Cut provides a fascinating insight into the pawnbroking business."[20] In a review the Guardian stated "Aitken's warehouses are crammed with Ferraris and artworks as well as the usual trinkets of sentimental but small financial value" [21]

In June 2011 Borro demonstrated why SME's are turning to short term lenders for cash as reported by the Financial Times[22] In an interview for Bloomberg Paul Aitken expanded this point showing there was a greater trend in the self-employed and SME's looking for alternatives to bank funding as they are finding it increasingly difficult to raise finance in a conventional manner.[23] So much so that in a Borro survey reported in the Financial Times, one in ten small business owners were willing to put up their domicile as security for a loan because of lack of viable alternatives.[24]

At the beginning of 2012 the Daily Express highlighted the rise of families using their assets to raise money to pay school fees, solve business cash-flow problems or meet mortgage repayments,[25] whereas The Daily Telegraph Business Club showed Borro as a new alternative lender.[26]

On launching in the US Reuters reported in February 2012 the increasing number of people using wine collections as security for loans, as Borro lends $120,000 in exchange for 128 bottles of Chateau d'Yquem.[27] Interest in the diverse range of assets used to secure finance with Borro was also expressed by CNN Money in the article “Got a Picasso? Get a small business loan.” highlighting the use of asset based loans by entrepreneurs and small businesses.[28]

In April 2012 Yahoo Finance charted the rise of high end asset lending highlighting how people are increasingly lending against assets due to lack of lending from the banks.[29]

In July 2012 Forbes magazine quoted Paul Aitken’s wishes to expand Borro further by creating a presence in California.[30]

In July 2012 the Daily Mail presented how asset lending has become more popular amongst wealthy business owners that bought expensive assets during the years before the recession and now use them to speedily finance business opportunities. Yahoo cars highlighted the quantity and quality of cars being used to secure a loan.[31]

In October 2012, Paul Aitken (CEO and Founder of Borro) explained in an interview for The Huffington Post that there was an increase on small firms using alternative financing methods because those alternative methods are more accessible than the banks.

In November 2012, The Telegraph showed how wealthy individuals are using their valuable pieces of art to take out loans in order to raise finance.

The Times reported in February 2013 that Borro had appointed Nigel Morris, one of the UK's most successful entrepreneurs and co-founder of Capital One as chairman.

In August 2013 reported on how introducers are providing a business boost to Borro, stating that Borro had seen a 40% increase in sign-ups to its introducer programme, which includes; wine merchants, art dealers, mortgage brokers, accountants, wealth managers and loan brokers. During the same month, the Financial Times presented that there had been an increase in the amount of fine wine used to raise funds.

In October 2013 the Wall Street Journal showed that Borro as a personal asset lender fills a lending void that was perhaps previously unavailable. In this particular report, Borro had assisted an individual in releasing equity in a bronze nude torso sculpture.

The Mirror presented in December 2013 the variety of assets that Borro have lent against. The article showed that Borro has released equity in everything from Olympic gold medals to F1 cars and Oscars.

The Economic Voice presented in August 2014 that Borro were continuing to boost small businesses by offering alternative methods of financing. It was reported in the article that the average SME loan at Borro had increased from £24000 to £26000 from the previous year.

In October 2014, the Wall Street Journal produced an online video featuring Borro. CEO, Paul Aitken, was interviewed about the history of the business and how it provides short-term loans to the wealthy.

In February 2015, Borro was featured on CNN’s Out Front with Erin Burnett. The piece focused on the appeal of Borro to the rich and famous.[32]

In April 2015, The Times covered Borro and interviewed Group Sales Director, Claire Barrington-Jones about how asset-backed lending is on the rise despite the economy’s recovery.[33]


  1. "Growth Capital: Borro's Paul Aitken — he'll lend you a million". Evening Standard. Retrieved 2016-01-20.
  2. "Borro launches into property market". Retrieved 2016-01-20.
  3. Haurant, Sandra (29 October 2008). "Pawnbroking - Is pawning a good way to borrow money?". The Guardian. London. Retrieved 2011-04-27.
  4. 1 2 Barrow, Becky (28 December 2011). "Yachts, guitars, fine wine and a Henry Moore: As belts tighten, families pawn four times as much for cash". The Daily Mail. London. Retrieved 2011-12-28.
  5. "Feeling the crunch? Pawnbroker offers a discreet solution". The Independent. London. 2008-11-09. Retrieved 2008-11-09.
  6. "Eden Ventures portfolio - Borro". Retrieved 2009-04-19.
  7. "Online pawn broker Borro raises £7.5m led by Augmentum Capital". Tech Crunch. Retrieved 2011-07-28.
  8. "borro signs new funding deal with Octopus". FT Advisor. Retrieved 2011-07-28.
  9. "Borro, The High-End Online Pawnshop, Raises $112M To Fill Its Finance Pool, Expand In U.S.". TechCrunch. New York. Retrieved 2014-03-06.
  10. "Personal Asset Lending is Simple, Fast & Straightforward". Darwin's Money. 24 April 2012. Retrieved 2012-05-29.
  11. ""High-End Pawn Shop" Comes to America: Quick Cash For The 1%". Yahoo Finance. 5 April 2012. Retrieved 2012-05-29.
  12. "Borro, The High-End Online Pawnshop, Raises $112M To Fill Its Finance Pool, Expand In U.S.". TechCrunch. 4 March 2014. Retrieved 2014-04-28.
  13. Lunden, Ingrid (10 February 2015). "Borro Gets $19M From Rocket Internet, OurCrowd To Expand Its Online Pawnshop For Luxury Goods". TechCrunch. Retrieved 2015-02-10.
  14. "borro announces launch on Channel 4 News". Channel4. 2008-08-25.
  15. "UK's first online pawnbroker launches TV ads". Brand Republic. Retrieved 2011-04-27.
  16. Credit Today Awards
  17. 1 2 Naughton, Philippe; Costello, Miles. "Even Hip Hoppers Get Caught In The Crunch?". The Times. London. Retrieved 2011-04-27.
  18. Gerard, Jasper (4 March 2009). "Ever Been to a Pawnbroker? You soon will". The Daily Telegraph. London. Retrieved 2011-04-27.
  19. "borro rides to MPs Rescue". The Independent. London. 18 October 2009. Retrieved 2011-04-27.
  20. "The Pawn King Channel 4". Channel 4. Retrieved 2011-02-15.
  21. Stubbs, David; O'Neill, Phelim; Raeside, Julia; Mueller, Andrew; Wright, Jonathan; Nicholson, Rebecca (14 January 2011). "Tonight's TV: The Pawn King". The Guardian. London. Retrieved 2011-04-15.
  22. Powley, Tanya; Moore, Elaine (24 June 2011). "Rich drive demand for asset lenders". The Financial Times. London. Retrieved 2011-05-24.
  23. Cehic, Nejra (4 July 2011). "Luxury cars pawned amid bank lending squeeze". Bloomberg. London. Retrieved 2011-07-04.
  24. Moules, Jonathan (13 Jan 2012). "Luxury cars pawned amid bank lending squeeze". The Financial Times. London. Retrieved 2012-01-13.
  25. Appleyard, Diana (23 January 2012). "A new damn For king of instant cash". Daily Express. Retrieved 23 January 2012.
  26. "Telegraph Business Club Video". Daily Telegraph. 9 February 2012. Retrieved 9 February 2012.
  27. "Reuters on the Road: Borro bans on high-class pawn". Reuters. 13 June 2012. Retrieved 13 June 2012.
  28. Lamothe, Keisha (1 June 2012). "Got a Picasso? Get a small business loan". Retrieved 1 June 2012.
  29. Napach, Bernice (5 April 2012). ""High-End Pawn Shop" Comes to America: Quick Cash For The 1%". Yahoo! Finance. Retrieved 5 April 2012.
  30. Ebeling, Ashlea (9 July 2012). "Short On Cash? Luxury Pawn Shop Borro Loans $10,000 to $1 Million". Forbes. Retrieved 9 July 2012.
  31. Robinson, Phil (14 July 2012). "There's nothing seedy about the new pawn industry: Why the rich are heading to the pawnshop with their Bentleys and Rolexes". Daily Mail. Retrieved 14 July 2012.
  32. "Meet the Pawnbroker to the rich and fampous". CNN's Erin Burnett Out Front. 21 February 2015. Retrieved 2015-02-21.
  33. Bridge, Mark (11 April 2015). "Rich, but feeling the pinch? Just take your Warhol to the posh pawnbrokers". The Times. Retrieved 2015-04-11.

External links

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