Online lender iPawn has raised $4 million from angel investors. Investor Rafi Gridron led the round. This is the second round of funding for Tyler, Texas-based iPawn.
iPawn, a leading lender of low-interest, asset-based, online loans, today announced the successful close of a $4 million round of funding. The funding came from a group of angel investors lead by Rafi Gridron, a respected technology entrepreneur and experienced angel investor.
This is the second round of funding for the Tyler TX based internet pawn shop. The funds will be used for enhanced marketing efforts, R&D and increased loan funds for clients.
Founded in December 2011, iPawn was created to serve middle-class Americans and entrepreneurs looking for fast and convenient low-interest loans during the credit crunch. iPawn approves loans in less than one hour with its highly sophisticated backend office and provides its customers with complete confidentiality and highly competitive loan terms – as low as one percent interest.
“We are very grateful to our all of our investors,” said Ben De-Kalo, CEO of iPawn. “We are proud to be able to provide people with an affordable, safe and convenient way to leverage their assets for otherwise hard-to-get loans during these uncertain times and are thrilled that our investors so enthusiastically support our mission.”
“When I realized that iPawn was revolutionizing a broken business model, but one that still had an enormous potential, I immediately jumped on board,” said Dr. Rafi Gidron, independent angel investor and angel investor at Precede Technologies. Gridron’s previous successes include the co-founding of Chromatis Networks that was sold to Lucent for $4.75 billion under his leadership at co-CEO and Chairman, as well as Scorpio Communications that was sold to US Robotics.
iPawn is revolutionizing the national credit market by offering short-term, affordable loans at unbeatable rates and with less risk than banks, payday lenders, brick & mortar pawn shops and other online services. Headquartered in Tyler, Texas, iPawn holds a Pawn license issued by the Office of Consumer Credit Commissioner.