The next big thing is pawn shop
Next Big Futures, the startup that was acquired by eBay, is making a major push into the pawning space.
In a statement, CEO Andrew Stearns says he’s thrilled to have built the startup into a leader in the market, with the ability to “provide the most compelling, fast, and secure way to purchase your stuff, anywhere in the world.”
In the future, Stearls says, eBay’s pawn shop will be able to handle millions of items a day, and that they’re planning to make it a “mobile-first” platform.
The platform will be free to use for merchants, and the company is also looking to use the data it gathers to help them optimize their offerings.
While eBay isn’t announcing any specifics about the plans, they’ll be taking the data from its stores and catalogs and turning it into an on-demand service for consumers.
While Stears is not disclosing exact prices for the service yet, he says that “our goal is to offer you the most comprehensive catalog, prices, and availability that is easily accessible for your entire shopping experience.”
The company has raised over $1.6 million in funding, and will be expanding its operations over the next couple of years, including adding more employees.
The startup will be based in Chicago, but will also be hiring in Los Angeles and Seattle.
While the service is still in its beta phase, the company says it plans to make a full launch sometime this year.
Check out our recent interview with the CEO of eBay.
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