Online Pawnbroker Borro Raises $112 Million
Borro, which provides loans based on luxury personal assets like jewelry and cars, has raised $112 million.
The financing will extend Borro’s lending capacity, the company said. According to a running tally on its site, Borro has already loaned out more than $113 million.
Five-year-old Borro operates in both the U.S. and the U.K. It appraises items online or in person, with an average loan of $12,000 and interest rates between 3 percent and 4 percent on a monthly basis.
Borro advertises the fact that it doesn’t require “invasive background checks” and it can wire money within 24 hours. Previously pawned items have included Olympic gold medals and an Oscar statuette.
The company last raised $26 million in 2012 from investors including Canaan Partners and Ribbit Capital.