Major milestone reached by borro

Published on

borro-logo

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.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...