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Wonga

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Wonga.com provides small, short-term cash advances to UK consumers online. The company uses sophisticated risk and decisioning technology to make automated yet responsible lending decisions.

Applicants can first determine the exact size and length of the cash advance required, using sliders on the Wonga home page, before submitting personal details online. Wonga offers cash deposits within minutes and loans are available up to £750, for between five and 30 days.

Wonga’s real-time and fully automated loan processing systems means more speed, convenience and flexibility than a typical online lender, or indeed any traditional form of credit.

The principle behind Wonga is that customers use the service on an occasional basis, in reaction to cash emergencies, rather than as an ongoing source of credit. In contrast to credit cards, traditional loans and bank overdrafts, the idea is that money is repaid quickly, thereby avoiding long-term debt.

The alternative for many consumers might be an unauthorised overdraft, which can incur significant bank charges, bounced cheques or a cash loan from friends or family.

The company’s technical innovation has been recognised by several award schemes such as Red Herring Europe 100 and the National Business Awards.

Milestones

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• 
  Wonga added Meyer Malka as Board Member.
  Posted 1/11/12 at 6:32pm
• 
  Wonga added Paul Madera as Board Observer.
  Posted 4/19/11 at 7:06pm
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  Wonga added Robin Klein as Chairman. (1/1/07)
  Posted 10/7/10 at 12:17pm
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  Wonga added Daniel Hegarty as Director of R&D.
  Posted 7/25/10 at 9:00am
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  Wonga added Haakon Overli as Investor.
  Posted 8/22/09 at 9:28am
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  Wonga added Jonty Hurwitz as Co-Founder & CTO.
  Posted 10/28/08 at 6:36am
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  Wonga added Errol Damelin as Founder & CEO.
  Posted 5/12/08 at 2:28pm
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  Wonga received $117M (£73M) in Series C funding. (2/16/11)
  Posted 2/16/11 at 6:45pm via techcrunch.com
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  Wonga received $22.3M in Series B funding. (6/8/09)
  Posted 6/8/09 at 4:30am via techcrunch.com
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  Wonga received $6M in Series A funding. (6/1/07)
  Posted 8/27/07 at 5:38am via venturebeat.com
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  Wonga — Wonga seals $22m second round funding (6/8/09)
  Posted 6/8/09 at 12:56am via co.uk
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  Wonga — Wonga about to pass 100k loans mark, less than a year since coming out of beta (6/5/09)
  Posted 6/5/09 at 3:12am via ft.com
• 
  Wonga — Wonga.com launches. (6/6/08)
  Posted 11/24/08 at 3:24pm via wonga.com

Videos

Screenshots

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Products

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Wonga cash advances

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Wonga.com

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Traffic Analytics

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Sources

1. venturebeat.com [edit]
2. TechCrunch (uk.techcrunch.com) [edit]
3. Wonga Raises £73m In Series C Funding To Double-Down On Massive UK Growth (eu.techcrunch.com) [edit]
4. Wonga.com launches (wonga.com) [edit]
5. FT (ft.com) [edit]
6. Paid Content post (paidcontent.co.uk) [edit]

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