Founder and CEO of Wonga, a digital finance company
Innovator and entrepreneur
As an innovator and entrepreneur, Errol Damelin has developed unique digital finance technology that is used by his company, wonga.com, to automatically process loan information and distribute short-term funds. Over a million customers have taken advantage of the advanced lending system to obtain short-term financing for emergency needs since the company began offering its online services in 2007. Serving as the CEO of Wonga, Errol Damelin continues to improve customer services and online performance. Top-level venture capital firms supporting Wonga's lending efforts include, among others, Wellcome Trust, Greylock and Balderton. He is an innovative businessman who looks to fill gaps in the marketplace,, simplifying and improving the lives of his customers. Wonga is one of those developments, but he has also worked in corporate banking and founded a company, Supply Chain Connect Ltd., which provided hosted suppliers. He was the CEO of the company, which was a success and was acquired after five years of business by ChemConnect.
Development of Online Financial Technology
In an effort to improve the lending system and streamline the process, Errol Damelin created new technology that provides customers with necessary online tools to quickly and easily apply for short-term loans. The website uses sliders to show the customer the price upfront in a clear and transparent manner. More options include the choice of loan payment terms. With a loan from Wonga, the customer is in charge of every detail. After completing a short online loan application form, the program takes a few minutes to analyse the data and make a decision to grant the loan request or deny it. If approved, the funds are transferred into the customer's bank account within fifteen minutes, without additional waiting or forms to fill out. For business customers, the process is similar, although they are allowed to borrow larger amounts with a longer period of repayment. The company encourages customers to borrow responsibly and to stick to the payback agreement to avoid any additional charges. The award-winning company was honoured to receive the 2011 title of the Fastest Growing Tech Company in the UK, which was a competition sponsored by Microsoft. In 2012 it ranked as number 3.
Coming from South Africa, Errol Damelin went to the University of Cape Town to study the subjects of Law and Business. Afterwards, he went to the US to study Business Management at Boston University. He now lives with his wife and family in London, where Wonga is located. When he has free time, he enjoys biking in the mountains, kayaking, skiing and running marathons.