Errol Damelin is convinced that Wonga are heading to be a British technology success tale and in a recent interview with the UK’s daily newspaper The Sun, he affirms that the British public should be proud of the company.  With over a million customers using Wonga’s online service for cash at around 3 times per year, Damelin testifies that their short-term cash availability is helping regular people live their lives, the way that they want to live them.
 
 
Wonga
Young companies in the financial field in London are breaking the mould and disrupting the status quo that was maintained by high-street lenders and banks. Pioneering companies like Wonga are growing exponentially. Wonga achieved a nearly 300 percent rise in net profit, with business increasing threefold, in only one year. This sort of success is inspiring workers in the financial services sector to take the plunge into entrepreneurship and cause further disorder to the traditional market. Entrepreneurs are thriving on technology; companies like TransferWise are actively undercutting banks with online currency transfer and exchange and wonga.com is using a fully automated system as chief decision maker for all loans.

 
 
Many are convinced that national football is no longer a game, but a business, both for the clubs and the sponsors. Newcastle United has a new sponsor – the short-term loan company Wonga. Wonga has sponsored other clubs in the past – Blackpool was the first English club that Wonga sponsored, and the Scottish Premier League club Hearts is another. 
But Wonga has endeared itself to Newcastle fans by giving them back the name of their grounds – St. James’ Park – and in return the players will wear the Wonga name proudly. Clubs cannot survive without funding, and when the choice is between their soul and their striker, it is not a hard one to make.
 
 
A throng of start-ups are tackling areas of the financial sector throughout the United Kingdom. Online companies like the short-term loan provider Wonga and the wealth management service company Nutmeg are taking on the established banks with relative ease. This can be ascribed to the increasingly poor reputation banks are suffering lately as well as their reluctance to embrace modernisation. Wonga and its counterparts welcome technology and use it to the benefit of their customers. The preferred platform for conducting business is the internet; sites are compatible with mobile devices and social media is embraced, paving the way to the future of finance.
 
 
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.
 
 
Wonga’s initial site gained immediate interest. The first transaction was made within 10 minutes of their virtual doors opening. This was when Errol Damelin, the proprietor of Wonga realised that he was on to a winner.
Operating from an office in London, the entrepreneur was providing a solution to a problem that individuals were actively searching for. Within a year, solutions to the value of over £20 million changed hands and after 18 months Wonga conducted over a million transactions. Over 90% of their customers are satisfied with wonga.com and they have no lack of investors eager to be part of this exciting venture.
Continue reading: Wired.co.uk by William Shaw