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One leads “the long-established pawnbroker market in the digital age,” that’s the definition of the Viennese startup Cashy, founded in 2019. As with analog predecessors, the online pawnshop is primarily about get money quickly and without many questions. “People who want to earn money in the quickest, easiest and most anonymous way possible can use the cashy website to determine the value of an item, eg their smartphone automatically in a few seconds. The customer can sell or loan the item In the latter case, it receives a commitment loan under normal market conditions, “says the startup.
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Online pawn shop with offline services
They also offer a free pick-up service. Upon request, an employee can go to the customer’s home and deliver the desired amount anonymously in cash and without contact due to Corona’s location. The amount can also be paid at the physical store of the online pawn shop in Vienna.
Investment “high of six figures” for cashy with the founder of paysafecard Müller
Paysafecard founder Michael Müller is now convinced of the concept and, according to the company, of “double-digit monthly growth rates.” He participates in a “high six figure” capital round for cashy and is also actively involved in the company: The startup does not mention the other investors in the current investment round. “Through my work for paysafecard, I became aware of the problem of insufficient liquidity and insufficient funds,” says Müller. However, it does not say whether you installed your belongings at the pawn shop during the construction of your business in case of liquidity bottlenecks. Both: “Cashy digitizes an old business that finally becomes transparent. Unlike the classic pawn shop, the customer is no longer dependent on the appraiser’s mood, they can make a home buying decision in peace and anonymously. “
Second hand like a second pillar
The ability for customers to sell items provides a second logical pillar for cashy: second-hand, in addition to the online pawn shop. “50 percent of our clients do not apply for loans, but instead sell their products immediately through our platform. There is also the aspect of sustainability. A used smartphone that has found a new owner is 100 percent more sustainable than a new device, “explains Michael Müller. Also, the business model can be expanded with relative ease.” In the next step, we will also offer our service in the other federal states, including mail. It is scheduled to start abroad in the second half of the year, “said the investor.
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