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Borro borrows £20m from UK’s Octopus Investments

25 Oct 2012

UK-based Octopus Investments has provided luxury asset-backed personal lender Borro with a £20m loan.

The firm, which first financed Borro’s loan book last year, said it had decided to re-invest due to growing demand for personal asset-backed lending in the UK.

Borro provides short-term loans of between £1,000 to £1m secured against personal assets including jewellery, luxury watches, fine art, antiques, classic cars and fine wine.

The news comes just two weeks after global venture firm Canaan Partners led a $26m funding round for the company.

Hugh Costello, an investment manager in the specialist finance team at Octopus, said: “We have been working with borro’s management team for the last 18 months and we continue to be impressed by borro’s product, its business model and the team.

“There is significant growth potential within this area of specialist lending and borro is rapidly asserting itself as the market leader in the personal asset backed lending sector.

“borro is in a strong position to grow in the UK and US and it is a well capitalised business.

“Its recent round of equity fundraising is testament to the confidence its investors have in its operational focus and loan book management.”

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