DENVER, July 11, 2012 /PRNewswire-USNewswire/ -- Pawngo, the first full-service online pawn shop in the United States, is celebrating its one year anniversary this month. Founded by Todd Hills, and venture-backed by Daylight Partners, Access Venture Partners and Lightbank, the $100 million fund started by the founders of Groupon, Pawngo has funded $8.8 million to date and has revolutionized the industry by taking it into the digital age.
Pawning has existed for more than 3,000 years, withstanding the test of time and Pawngo founder and CEO Todd Hills' mission is to continue to evolve and grow the oldest form of lending. Pawngo customers use their assets to get a short-term solution to their immediate cash flow needs. The Pawngo process, from evaluating a customer's product to that customer having their loan deposited in the bank, can take as little as twenty four hours. The security and ease of Pawngo led to the company averaging more than 1,600 applications per week in its first year.
Pawngo continues to serve as a consumer's "rainy day fund," a financial resource that can be relied upon for unexpected life events. "Banks are no longer offering loans to people who don't necessarily have a perfect credit score. My hope is that Pawngo can be a source of relief for individuals in need of short-term financial help," said Todd Hills.
While celebrating its one year anniversary, Pawngo is also announcing its new luxury assets division. Already specializing in high-end collateral such as diamond, jewelry and luxury watches, Pawngo will be offering a more personalized experience to its growing customer base. "As a Graduate Gemologist, GIA, with 28 years of jewelry experience including 15 years with Neiman Marcus and Saks Fifth Avenue, I managed and merchandised the Precious Jewels Salon and Fine Jewelry with high end luxury jewelry. With the introduction of Pawngo Luxury Assets Division, we hope to broaden ourselves to an even wider consumer base while offering a seamless and highly personalized level of service to our growing customer base," said Kelle Graham, Director of Luxury Assets for Pawngo.com.
Pawngo is the first full-service online pawn shop in the U.S. and allows individuals immediate access to the cash they need for life's countless unexpected moments without leaving the comfort of their homes. The secure, discreet online process enables consumers to conduct the entire transaction from the privacy and convenience of their own home. As evidence of the market for this unique lending model, the company to-date has funded $8.8 million. For more information, visit http://www.pawngo.com.
Jacqueline Cox, Zeno Group for Pawngo
Direct Line: (212) 299-3970
Kate Licht, Zeno Group for Pawngo
Direct Line: (646) 345-6521