Borro .COM a leading UK based online pawnshop is trying to cope with increasing cusomer demands by raising 5 million pounds provided by investors. Some of the disclosed investors include Kreos Capital, Eden Ventures and the European Founders Fund.
According to the CEO of Borro, Paul Aitken, there has ben a steady increase in demand for their services and considering the current economic downturn we expect this trend to continue. The 5 million pounds raised will help to meet the demand.
Items being pledged at Borro include expensive jewellery, luxury Swiss watches, motor vehicles, gemstones and art collections.
Due to the lower overhead cost, Borro can afford to give lower interest rates compared to their offline counterparts.
According to their website Borro can loan against watches, rings, bracelets, earrings, necklaces, gemstones, gold, art and antiques.
Borro also processes the loans within 24 to 48 hours. They operate by sending a prepaid fully insured courier pack. The items can be returned via the courier pact to their central London vault. The items are also fully insured for the duration of the pledge.
Borro .COM is also said to be the worlds first online pawnshop.