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Wonga Stock

Online payday lender

About Wonga Stock

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.

Source: Crunchbase

Investors

Funding History

June 2007$6.0M
June 2009$22.3M
February 2011$73.0M

Management

CEO

Tara Kneafsey

CFO

Paul Miles

CTO

Tarah Lourens

Press

Other Companies

EquityZen does not have an affiliation with, formal relationship with, or endorsement from Wonga or any companies feature above. This profile is based on publicly available information and is intended to be informative in nature.

Some data provided by Crunchbase

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