<article>Japanese internet and e-commerce conglomerate DMM is buying pawn shop app Cash for 7 billion yen, or about $62.2 million.</article>

Japanese internet and e-commerce conglomerate DMM is buying pawn shop app Cash for 7 billion yen, or about $62.2 million.
In an announcement on Tuesday, Bank, the startup behind Cash app, said that DMM was acquiring its shares and aims to take the app to new markets.
Launched in June this year, Cash appraises the value of an item based on user photos and then offers a cash advance taking the item as a collateral.
Within hours of its launch, the application had to be temporarily suspended due to excessive requests that also included people uploading prank requests. The application was launched again in August after improvements were made.
&#8220;By combining with people and teams that create innovative services like Cash, we thought that we could accelerate even more, and we reached an agreement on the acquisition,&#8221; the DMM statement said.
Bank was launched by serial entrepreneur Yusuke Mitsumoto who earlier sold his startup Stores.jp to Zozotown in 2013.
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Japanese internet and e-commerce conglomerate DMM is buying pawn shop app Cash for 7 billion yen, or about $62.2 million.

Japan's DMM pays $62.2m for pawn shop app Cash

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Japan's DMM pays $62.2m for pawn shop app Cash

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