Internet pawn shop and on-line lender iPawn has raised $4 million in a second round of funding from angel investors led by Rafi Gidron. Founded in Tel Aviv in December 2011, the company has moved its headquarters to Tyler, Texas.
The funds will be used to enhance marketing efforts, R&D and increased loan funds for clients.
iPawn says that it was created to serve middle-class Americans and entrepreneurs looking for fast and convenient low-interest loans. The company claims that it approves loans in less than one hour using a highly sophisticated backend office and provides its customers with complete confidentiality and highly competitive loan terms - as low as 1% interest.
iPawn CEO Ben De-Kalo said, "We are proud to be able to provide people with an affordable, safe and convenient way to leverage their assets for otherwise hard-to-get loans during these uncertain times."
Gidron said, “When I realized that iPawn was revolutionizing a broken business model, but one that still had an enormous potential, I immediately jumped on board."
iPawn holds a US pawn license issued by the Office of the Consumer Credit Commissioner.
Published by Globes [online], Israel business news - www.globes-online.com - on March 18, 2013
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