Philippines-based PawnHero has reportedly raised $9.7m in its latest round of funding from an undisclosed Philippine investment bank.
The capital will allow the company to increase its loan book and help more customers, according to an article by Deal Street Asia. As well as the investment, the company announced a partnership with FINTQ, which runs online lending platform Lendr, the article said.
PawnHero is an online pawnshop, which allows users to get a free estimate on their item on various loan durations and amounts. The item is then picked up for free and the user receives the cash. The user then pays back the loan by a certain date, but a time extension is available if needed.
Customers can pawn a variety of items including jewelry, cameras, designer bags, laptops, gaming consoles, smartphones, televisions, motorcycles, tablets and watches.
With the entire process completed digitally, PawnHeros is able to charge half the interest rate of traditional pawnshops, according to the company. The company also offers users the ability to buy products at a discounted price.
Last year the company picked up an undisclosed pre-Series A funding round from investors including SoftBank and 500 Startups.
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