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Luxury Asset Capital Acquires and Re-Launches Borro Private Finance to Strengthen Position in Non-Bank Lending
Friday 14 February 2020

14 February 2020 - US alternative financing company Luxury Asset Capital has acquired and relaunched UK-based online pawnbroker and secured lender Borro Private Finance to establish Luxury Asset Capital's position in non-bank lending using the borrower's luxury assets as collateral, the company said.
Terms of the transaction were not disclosed.
The acquisition gives the company ownership of one of the most highly recognised brands in the alternative financing marketplace, thousands of customer and partner relationships, and a wealth of market intelligence relating to non-bank luxury asset lending.
Luxury Asset Capital and Borro have been the providers of non-bank lending that use the borrower's luxury assets as collateral since 2008, pioneering the strategies of targeting upscale markets and offering online servicing and fulfillment to a nationwide market.
Collectively, the companies have provided over USD 450m in loans to over 15,000 individuals and businesses.
Date Published: 14/02/2020
Target: Borro Private Finance
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Buyer: Luxury Asset Capital
Terms of the deal were not disclosed