Canaan Backs Borro With $26 Million to Make Personal Loans Online
Borro, which lends money to individuals over the Internet, has raised $26 million in new funding. The round was led by Canaan Partners, with Ribbit Capital, Augmentum Capital, Eden Ventures and Rockridge also participating. The New York-based company, which launched in the U.K. in 2008 and in the U.S. this year, offers up to $1 million in loans, which are secured by assets such as jewelry, cars or fine wine. Borro has made 15,000 loans to date, at an average value of $10,000.