Boro is a provider of affordable loans and financial education to students that have largely been ignored by traditional lenders.
Boro's mission is to help college students build a successful financial future.
Boro was founded in 2016 by Hao Liu and Yifeng (Owen) Ouyang. The company is headquartered in Chicago, Illinois.
Boro is helping international students studying in the United States get access to smart and low-rate auto loans so they could get cars on campus.
Boro uses its proprietary underwriting system to revolutionize the existing consumer financing industry by providing convenient and affordable financial solutions to college students, who are underserved in the current market.
Boro's proprietary non-FICO loan application process helps students obtain microloans and build their credit, even without a prior credit history or even a social security number.
Boro loans help cover the small but critical expenses – like textbooks, class fees, groceries, and test prep materials – that can snowball and force students to drop out, leaving them with student debt but no degree.
Boro is backed by Arcadia Funds, LexinFintech and others. The company raised $12M in a Series A round on Mar 18, 2020. This brings Boro's total funding to $114.6M to date.