Canaan Partners leads $26m round for borro

Capital commitments were also provided by Ribbit Capital and existing backers Augmentum Capital, Eden Ventures and Rockridge.

The firm plans to direct the fresh funding towards further expansion in the UK and the US, as well as the extension of its product range.

The latest round brings total funds raised by borro to $46m.

Company
Based in London and founded in 2008, borro offers personal loans of £1,000-1m secured against personal assets including jewellery, luxury watches, fine art, antiques, cars and fine wine. Interest rates begin at 2.99-4.99% per month but rise if repayments are not met.

The firm is based in Chancery Lane, London, and has reported a triple-digit annual revenue growth for the past three years.

People
Dan Ciporin is a partner at Canaan. Meyer Malka is a managing partner at Ribbit.

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