Having grown up in South Africa, Errol Damelin completed his studies there and started work as an investment banker. He then spent a few years co-founding a production company called Barzelan Ltd., and then established his company, Supply Chain Connect Ltd. As Chief Executive Officer of the company, which has offices in both the UK and the United States and over 250 clients, Errol Damelin made his mark as an international business magnate.
Technological advancements in the developed world have since created fertile new ground for companies internationally. Everything is much more accessible with a few taps on a keyboard and two or three clicks of a mouse. Shopping has become fast and easy; with a click and a credit card you can buy a car or shop for your weekly groceries. Errol Damelin noticed that banks were not utilising technology the way that retailers and other service providers were and he could see potential in modernising the finance sector. He realised that this oversight created an ideal opening in the market for him to turn his unique vision into a product that the financial services sector was profoundly lacking.
Joining forces with business partner and friend Jonty Hurwitz, Errol Damelin set about revolutionising the future of finance with the aptly named, wonga.com – a company the two entrepreneurs founded in order to provide digital finance solutions for individuals. Wonga has now expanded its offering to include loans to small businesses looking for fast, reliable loans. This rapid expansion clearly illustrates the progressive nature of Errol Damelin, the man behind the business – equally comfortable with individual customers and small businesses alike.
The basic idea behind Wonga is to provide an automated platform where customers can receive cash in their bank accounts in as fast as fifteen minutes. Errol and Jonty initially received financial backing from The Accelerator Group in the early stages of starting Wonga. TAG is a company with a focus on entrepreneurs and the provision of start-up support for new ventures. A valuable ally for Errol Damelin, TAG has also offered support to companies like lovefilm.com and lastminute.com in the past. After the initial boost, Errol Damelin gained further capital backing from some of the most prominent venture capitalist companies, such as Accel Partners, Oak and the Wellcome Trust. Currently, Wonga is a successful business not actively looking for new investors but is continuing to grow by providing employment and assistance to individuals and businesses that need help in the current financial climate.
When not innovating, traveling or steering Wonga into the future, Errol Damelin partakes in other activities such as sea kayaking, skiing and running marathons – sometimes in rather interesting places, most recently having participated in an ice marathon in Antarctica for charity.