Borro has revealed it has reached £50 million in funded loans to individuals and small businesses.

The personal asset lender launched in the UK in 2008 and in the US in 2012 and its lending has achieved triple-digit revenue growth each year since launch. With an average loan value of £7,000, borro has made almost 20,000 personal asset loans to date with the largest loan being £1 million against a collection of fine art.

Paul Aitken, founder and CEO of borro, said: “It is a huge achievement for us at borro to have lent £50 million.

“In an economic climate where loans from traditional sources are few and far between, it is no surprise that we have achieved this landmark level of funded loans as people have had to turn their backs on the banks and go elsewhere.

“The last 12 months in particular have been especially exciting for the business and we look forward to further developments across our offering.”

Earlier this year borro announced it had appointed Nigel Morris, co-founder of Capital One Financial Corporatio,as chairman to lead the business through UK and US expansion.