As a successful entrepreneur and innovator, Errol Damelin has a set of strong opinions around the general pattern that entrepreneurial ventures take. Major companies like Skype, Google and PayPal are doing things fundamentally different and embracing speed and transparency as essential components to successful business.
Like these companies, Wonga is employing technology to achieve what was previously deemed impossible. The entrepreneur voiced his take on linear scalability and the importance of branding and how useful taking note of trends is. He explained how pivoting can positively impact on business when required. Errol Damelin believes that smart people that have problem solving skills and are driven can achieve anything.
Following failed efforts by the government at getting UK banks to be more willing to loan money to small businesses, Wonga is coming to the rescue by lending eligible businesses up to £10,000 through its online lending system. Not new to this game, Wonga has been shelling out small loans of less than £1,000 to individual borrowers since 2007. The short-term loans are paid back within 30 days and 92% of the borrowers are very pleased with the way the digital finance company operates. The loan information, which includes data on public record, is digitally processed and if approved, the deal is finalized within minutes.
Hailed as being the iTunes of the financial arena, wonga.com was founded in autumn 2006. Wonga is a data-driven and completely automated service. Customers lodge their applications on the wonga.com website and funds are transferred to the successful applicant’s account within 15 minutes. Loan application decisions are reached by means of a system applying artificial intelligence and collecting and processing thousands of pieces of information in a very short space of time. The speed and convenience in which the process takes place as well as the transparency about costs involved is what Wonga is retailing when offering loans to their thousands of satisfied customers.