PawnUp.com Raises $250,000 in Investment Funding Following Spectacular Second Quarter Performance.
PawnUp.com, Canada’s first full-scale online pawn shop receives $250,000 in venture capital funding after the initial angel investment made in the second quarter of 2011.
December 01, 2011.
This windfall is the first of a series of investments planned for 2012 – 2013. The additional funds will allow the company to continue their rapid expansion throughout Canada, increasing awareness about the new, revolutionary way of getting cash loans
and selling items online.
Earlier this year PawnUp.com introduced a new concept to the Canadian secured loans
industry: a fully operational online pawn shop
. Upon completion of a brief online application form, customers get a free evaluation of their items (common items include jewelry, scrap gold or silver, watches, art, collectibles and memorabilia
), and are given a quote for a loan or a price for sale. PawnUp.com transforms the traditional pawn shop
model by providing safe, discreet, and convenient access to quick cash. Customers can loan against or sell their items without ever having to leave home. PawnUp.com insures all items, provides pre-paid shipping service to and from their secure facilities via FedEx.
PawnUp.com’s online pawn shop
business model addresses customers’ needs first. “One of the important steps in creating a successful client-oriented company is to offer the lowest interest rates on the market. According to Andrew Davis, Senior Manager of Client Services, “The combination of a 5% interest rate and free, fully insured shipping has helped establish our reputation as being Canada’s most reliable and affordable loan providers
Customer accounts are usually funded within 24 hours. Items used as collateral for loans are returned immediately once the loan has been paid off, however the option to sell items outright has proven to be a huge draw for the majority of the customers and contributes significantly to the high percentage of recurring users.
Mr. Davis goes on to say that, “Since we’re not burdened with the big overhead costs incurred by brick and mortar pawn shops we are able to pass along these savings to our customers by offering them more money, free evaluations and no-cost shipping without ever having to leave the comfort of home. We are very excited to introduce this opportunity to a wider audience.”
Online pawn loans
require neither credit checks nor collection procedures, which makes them one of the most discrete and low-risk ways to get personal cash loans
PawnUp.com is a pioneer in providing pawn shop services
online and the first Canadian online pawn loan
money provider. Elevating a 5,000 years old industry to a new level with all the advantages of modern technology, PawnUp.com offers one of the lowest interest rates on the market (5%), exceptional client service, fast, free evaluations, free shipping of items, complete security and confidentiality.
PawnUp.com also serves as an online marketplace
– along with getting a loan against their collateral, customers can sell their items outright while still enjoying a free evaluation, shipping and fast money transfers directly to their bank accounts. All transactions are secure, confidential and can be done online, from the comfort of the customers’ own homes.
« Back to Press Releases