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Internet Pawn raises USD1.5m in initial equity funding

Internet Pawn, an online pawnshop in the US, has completed a USD1.5m series A equity financing.

New investors Daylight Partners and Access Ventures joined the company’s founders in the financing.

"We are thrilled to welcome Daylight Partners and Access Ventures to the company’s family," says Todd Hills, co-founder and chief executive. "The expertise and capital our new partners bring will help us meet the increasing demand for our cash loan services around the US."

Rocky Mountain, of Austin, Texas based Daylight Partners, has joined the company’s board as part of the transaction.

"Daylight rarely invests in companies outside of our own backyard," says Mountain. "However Internet Pawn’s offering is so disruptive we felt compelled to make an exception. With no interest due for six months and loan costs 60 per cent less than a traditional brick and mortar pawn shop, this financing option will prove to be an exciting alternative for the millions of US residents who currently utilise pawn services to meet their need for personal loans."

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