Tokyo-based startup ‘Bank‘… the company behind an online pawnshop app called ‘CASH‘… announced today that it has been acquired by Japanese internet giant and service conglomerate DMM.com for 7 billion yen, or about $62.2 million US. The app was just launched as early as three months ago late in June this year.
Launched by Yusuke Mitsumoto, the founder of online shop builder Stores.jp, the Tokyo startup provides a mobile app that enables users to take a snapshot of an item of value and transmit it for evaluation. If the seller agrees to the price presented by the platform, he or she can obtain an advance on the sale to their account.
The startup has hitherto never raised funds from investors since its foundation back in February of this year, thus it seems fully owned by founder Mitsumoto. He unveiled that DMM has acquired the entire stake in ‘Bank’ by paying 7 billion yen in cash as of October 31st.
- Innovative online pawnshop app, ‘CASH,’ crashes on first day of operation (Japan Today)
- The Bridge’s past articles covering Yusuke Mitsumoto and his previous startup Bracket (or its service Stores.jp)
Edited by “Tex” Pomeroy