Groupon Founders Get Into Online Pawn Shop Biz

Barbara Thau
Groupon and Pawngo
Groupon and Pawngo

The founders of the nation's biggest daily deal, group-buying site are getting into the pawn shop business.

Groupon founders Eric Lefkofsky and Brad Keywell, who now run investment firm Lightbank, have partnered with online pawnbroker Internet Pawn to launch Pawngo, an online pawn shop.

The site aims to redefine the old fashioned brick-and-mortar pawn shop in the online space by offering customers "a more practical and affordable option to credit card loans and payday lending to get cash quickly without going into debt," the company announced in a statement.