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.
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.
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.