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Paysafecard founder Michael Müller participates in a “big six figure” on cashy.
The trend towards sustainability is also leading to a rethink in society: the second hand is “again”, just as “fast money” never went out of style. With smaller financial bottlenecks, people used to go to the trusted pawn shop instead of the bank. A new Viennese company takes advantage of this fact and has set out to make it socially acceptable again, and apparently with success: now the founder of Paysafecard, Michael Müller, has been won as an investor.
“Leading the traditional pawn shop market in the digital age,” is the “cashy” mission statement. The young Viennese company was founded in 2019 as an online pawn shop by a team of three founders led by Florian Sulzer and Patrick Scheucher.
Digital pawn shop with analog pickup service
“People who want to make money in the quickest, easiest and most anonymous way possible can automatically determine the value of an item, such as their smartphone, on the cashy website. The customer can sell or loan the item. In the latter case , you get a mortgage in standard market terms, “Cashy’s team explains.
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.
“High investment” from 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 or insufficient funds,” says Müller. However, it doesn’t say whether he moved his belongings to the pawn shop in case of liquidity shortage. Both: “Cashy digitizes an old business that eventually becomes transparent. Unlike the classic pawn shop, the customer is no longer dependent on the state. In the spirit of the appraiser, you can make a home buying decision peacefully and anonymously. “
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 customers do not apply for loans, but sell their products right away through our platform. There is also the sustainability aspect. A used smartphone that discovered that a new owner is 100 percent more sustainable than a new device, “explains Michael Müller. Furthermore, the business model can be expanded relatively easily. “In the next step, we will also offer our service in other federal states, including mail. In the second half of the year, we plan to start abroad,” said the investor. (Red)
www.cashy.at
