DMM, one among Japan’s largest Web and e-commerce conglomerates, announced right now that it’ll pay 7 billion yen (about $62.2 million) for pawn store app Cash. Launched this summer season, Money’s software program mechanically appraises an merchandise’s worth based mostly on consumer photographs and gives a money advance with it as collateral.
Money was developed by Bank, a startup launched by serial entrepreneur Yusuke Mitsuomoto earlier this 12 months. Mitsuomoto’s earlier startup, an e-commerce platform known as Stores.jp, bought to Zozotown, one among Japan’s largest on-line clothes retailers, for an undisclosed sum in 2013.
Financial institution has simply six staff and the startup was apparently overwhelmed when Money first launched on June 28. Lower than a day after it began service, Money temporarily suspended operations after it was flooded with appraisal requests, many submitted by pranksters who uploaded photographs of issues like ramen. Money then relaunched on August 24 after enhancements had been made to its system.
The acquisition of Money by DMM means the app now has entry to monetary sources and expertise to assist its development and growth into new markets. Mitsuomoto advised TechCrunch in an electronic mail that the corporate believes there are enterprise and market alternatives exterior of Japan, however haven’t but determined precisely when to increase overseas.
Featured Picture: Michael Burrell/Getty Photographs