High-end online pawn shop borro announced this week it raised $112 million in debt financing to fund new loans.
“It’s great. It takes us to the next level and means we’re moving from a venture stage to a growth stage company,” says CEO Paul Aitken.
Aitken says the company has raised $40 million in equity, which is used to fund the company’s growth, and $170 million in debt, which goes to the company’s lending operation.
“Last year we did $50 million in lending. We’ll be close to $100 million this year,” says Aitken.
Borro has offices in London and New York currently; Aitken says the company will likely open an L.A. outpost this year to better serve people in the media and entertainment industry.
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