Pawngo is a venture backed by Daylight Partners, Access Venture Partners, and Lightbank, the $100 million fund started by the founders of Groupon. The online pawn shop gives loans ranging from $500 to $1 million based on the value of high-end, luxury collateral, including everything from from rings to bottles of champagne to Olympic torches.
Most of its customers are people who need quick cash and are unable to take loans from a bank.
Customers overnight their valuables to be appraised by Pawngo’s certified gemologist Andrew Streyer. Pawngo then keeps the item as collateral while lending out anywhere from 50 to 75% of its value to its owners.
Editor's Note: Kate Snow's full report, "Taking Credit," airs Wednesday, Mar. 28 at 10pm/9c on NBC's Rock Center with Brian Williams