Errol Damelin is acknowledged as one of the UK's most inspiring entrepreneurs by his peers and the UK media. He is globally recognized for his innovative digital finance company, wonga.com, which has provided over five million loans to over a million customers since 2008.
Wonga was awarded Fastest Growing Company at the Media Momentum Awards in 2012, and has twice been the winner of the Ernst & Young Entrepreneur of the Year award, celebrating the most exciting entrepreneurs in the United Kingdom.
Prior to Wonga, Errol Damelin founded two businesses on separate continents in different markets. As CEO of Supply Chain Connect Ltd., he developed supply chain collaboration solutions, providing services to over 250 blue chip customers including Dow Chemical, General Cable and DuPont. Driven by ambition and his desire to establish something bigger and better, Damelin sold the company in 2005 to ChemConnect.
Errol Damelin decided to set-up Wonga because of his understanding of the public's concern regarding credit providers and their increasing distrust of the banking system. An antidote to this, Wonga provides fast, accessible loans for those who desire straight-talking money on their own terms, without small print and financial jargon.
Wonga's mission is to solve consumers' and business' short-term cash flow needs with an equally short-term and responsible solution. The company uses its own technology to make accurate lending decisions in real-time and then deliver small, short-term loans to people's bank accounts whenever they need some extra cash.
In May of this year Wonga launched the first of its new products when it announced the launch of Wonga for Business. Wonga for Business is a new, innovative online financial product designed to help small businesses manage their short-term cash-flow requirements. It is a new way for small businesses to borrow money and is founded on the Wonga principles of speed, convenience and complete control for the customer.
Wonga for Business uses the same decisioning technology to assess applications that it does for the consumer product.