Borro, a US-based online platform that provides luxury asset-backed lending, has secured $19.5m in a series E round co-led by incubator Rocket Internet and equity crowdfunding site OurCrowd.
The company has raised a total of $171.5m to date, with remaining investors including Ribbit Capital, Canaan Partners, Eden Ventures, Augmentum Capital, RockBridge Capital Partners, Victory Park Capital and European Founders Fund.
Borro provides an online pawnbroker service, where customers can obtain loans from $5,000 to $2m secured against luxury items such as jewellery, fine art, wine, or cars for six months. It has provided some $200m loans since its launch in the UK in 2009.
This funding will be used to support Borro’s expansion throughout the US and the UK.