Funding Received
$145.4 Million in 3 Rounds from 7 Investors
Most Recent Funding
$117.1 Million Series C on February 16, 2011
Founded:
October 1, 2007
Headquarters:
London
Description:
Wonga is an online payday lender that offers short-term personal cash loans to UK consumers.
Founders:
Errol Damelin, Jonty Hurwitz
Categories:
Financial Services, Finance, Credit, Risk Management, Curated Web
Website:
http://www.wonga.com

Detailed Description

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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.

Current Team (8)

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Past Team (3)

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Funding Rounds (3) - $145.4M

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Board Members and Advisors (2)

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Sub Organizations (1)

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Acquisitions (1)

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Investors (3)

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  • B0b77dbd1a527c355b93dbe079f87239

    Meritech Capital Partners

    Meritech Capital is a provider of late-stage venture capital to information and medical...
  • 04b8df49a98b6af4daf536f83d02955d

    Oak Investment Partners

    Oak Investment Partners is a multi-stage venture capital firm with a total of $8.4 billion in...
  • 71973821ab4a99d43b2cf5b134b0d731

    Wellcome Trust

    Wellcome Trust is a UK-based medical research charity that funds research with the ultimate aim...

Offices/Locations (1)

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  • Office

    88 Crawford Street

    London, W1H 2EJ

    GBR

Competitors (2)

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  • 3a728d4f7bcf503a5381557ebbf7eec1

    LoanNow

    Next Generation Lender
  • Aeef38a0c7ae50aa3bd6ba4a8ba0b916

    Payday Financial

    Payday Financial is an independent marketing website that connects lenders and customers.

Images (1)

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  • 983162386d7ebc7ce4014139018a3d5c