27 June 2013
Dinner: How technology has transformed credit from past time to real-time
Background:Wonga creates a lot of emotion. Some believe it is negative but the users of Wonga are overwhelmingly positive about the service. From nothing, it has become one of Britain’s most visible financial brands in under five years. How did it get there and what has its strategy been? To find out, founder and Chief Executive of Wonga, Errol Damelin, will tell their story.
Errol Damelin is a global entrepreneur and seasoned executive who loves building innovative businesses with inspirational people. He is the founder and chief executive officer of Wonga.com, a ground-breaking online lender backed by some of the world's leading VCs including Accel, Balderton, Greylock, Oak and the Wellcome Trust. Prior to founding Wonga, he successfully co-founded two other substantial businesses, on different continents and in completely different markets.
Wonga is undoubtedly Errol's most ambitious project yet. The company is revolutionising the UK's huge consumer credit market by enabling people to manage their cash flow without the need for a long-term credit card dependency or the cost of large overdraft fees.
Leveraging purpose-built and fully automated risk and decisioning technology, Wonga.com went fully live in 2007 and has already provided millions of small, short-term cash advances to hundreds of thousands of customers. The company is passionate about responsible lending, which means providing complete transparency, using our sophisticated credit decision technology to ensure we only help appropriate people and giving customers unique control over the size, length and cost of their loan.
Errol Damelin was recently named Entrepreneur of the Year at the UK's Growing Business Awards, The Guardian's Entrepreneur of the Year, Founder of the Year at the TechCrunch Europas, Ernst & Young Entrepreneur of the Year for London and Digital Entrepreneur of the Year.