PawnHero is the first online pawnshop in Southeast Asia[1] its goal is to solve the problem of expensive credit for lower class consumers in emerging markets.[2] It was launched in the Philippines in February 2015 to meet the quick loan needs of the country. Recent studies have shown that only two out of 10 Filipinos have bank accounts and less than five percent have credit cards.[3] PawnHero accepts a wide range of pawnable items that include jewelry, luxury goods, electronics, home equipment, and other personal items as collateral for a secured loan.

About PawnHero

Philippine launch

PawnHero first launched in the Philippines as PawnHero.ph, an online pawning and selling website managed by PawnHero Pawnshop Philippines Inc.[4] It leveraged on the large smartphone user population in the Philippines by allowing the use of a smartphone to pawn items.[5] PawnHero is a licensed pawnbroker registered with the Bangko Sentral ng Pilipinas.[6]

Board of directors

PawnHero was founded by David Margendorff, Nix Nolledo, and Manny Ayala.

Funding

PawnHero received strategic seed funding from Sulficio Tagud, CEO of 2GO, the biggest premier logistics company in the Philippines. In addition, PawnHero also received funding from 500 Startups, IMJ Investment Partners, Kaikaku Fund (Softbank and Alibaba), and angel investors such as Paul V. Rivera.

Awards

In March 2015, PawnHero won Judge's Choice in the Top 100 Startups Philippine Qualifiers for Echelon Asia Summit 2015. Three months later, it won the Judge's Choice Award as the Most Promising Startup in Asia at Echelon Asia Summit 2015 in Singapore.[7]

References

  1. ↑ Solodkiy, Vladislav. "15 Asian fintech startups worth looking at". www.techinasia.com. Retrieved 2016-01-13.
  2. ↑ Goh, Emily. "24 startups in Asia that caught our eye". www.techinasia.com. Retrieved 2016-01-13.
  3. ↑ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2016-01-13.
  4. ↑ Balea, Judith. "Pioneer online pawnshop PawnHero comes to the rescue of Filipinos with cash needs". Tech in Asia. Retrieved 6 April 2015.
  5. ↑ Santos, Jose Bimbo. "Online pawnshop in the PH goes live". Interaksyon.com. Retrieved 6 April 2015.
  6. ↑ Barreiro Jr., Victor. "PawnHero's online pawnshop goes live in the Philippines". Rappler. Retrieved 6 April 2015.
  7. ↑ Noda, Tomas (June 25, 2015). "PH startup PawnHero Champions Echelon Asia Summit 2015". PH startup PawnHero Champions Echelon Asia Summit 2015. Deal Street Asia. Retrieved January 13, 2016.
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