New York, NY & Denver, CO (PRWEB) January 26, 2012
Launched in 2011, Pawngo, the first full-service online pawn shop in the United States, venture-backed by Daylight Partners, Access Venture Partners and Lightbank, (the $100 million dollar fund that was started by the founders of Groupon), announced today tremendous growth and a future plan for continued success in the growing industry.
Pawngo, which has been recently named by Inc. Magazine as a Start-Up to watch in 2012, has taken tremendous strides in recent months. Pawngo has loaned more than $5 million in 48 states, including one transaction yielding over $50,000. The company also has seen substantial growth in its number of employees, which has now grown to over 30.
Todd Hills, CEO and founder of Pawngo has seen the pawn industry change rapidly from the traditional brick and mortar shops over his 24 prior years in the business. Now leading the industry into the new age of digital pawning; Todd looks forward to breaking barriers in stereotypes and expanding their program offerings.
After launching in June of last year the company created its separation from competitors with a late year announcement that they have become the first US based online pawn shop to hold a license. This license was issued by the city of Centennial, Colorado and will be regulated by a dedicated review board going forward. The ordinance will control interest rates, a minimum level of quality control in product handling and storage, and puts regulations in place for the type of items pawned.
Pawngo has also become a strong proponent for other small businesses and entrepreneurs as an alternative to bank loans. They have assisted businesses and startups that were lacking cash flow with their dedicated Small Business Lending Program that allows a small business customer to loan out $1 million dollars in 24 hours.
“I am pleased with the overall success that Pawngo has seen in the recent year, and am particularly proud of the expertise my team has been able to offer individuals and businesses with problematic financial situations, especially in this difficult economic environment,” said Todd Hills, CEO of Pawngo. “Pawngo’s priority is, and always has been, to provide solutions to those with crippling debt. We urge our customers to be financially responsible and to consider all possible avenues of obtaining the capital they need, whether it’s turning to family members for support, or visiting their local bank. Alternatively, Pawngo is committed to helping our customers either through quick access to funds, or through education pertaining to personal finance management. With our unmatched professionalism, expertise and industry-leading technology geared towards setting quality standards in the industry, we expect continued growth and improvement to our already stellar service. Revolutionizing this historic profession was a primary goal in launching Pawngo and I know we are well on our way.”
For more information, visit http://www.pawngo.com.
Pawngo is the first full-service online pawn shop in the US 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 eliminates the embarrassment and hassle of going to a brick-and-mortar pawn shop by enabling 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 more than $5 million in 48 states. For more information, visit http://www.pawngo.com.
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