|Co-Founder and CEO of Wonga|
London, United Kingdom
Information about Errol Damelin
Errol Damelin is an innovative entrepreneur and founder of wonga.com, the first automated loan processing solution that enables consumers to completely fill out an application online without phone calls or paperwork. The service was created to fill a gap in the short-term loan market and has successfully processed and approved over six million emergency loan applications since its inception in 2006. Previously, Errol Damelin was CEO for Supply Chain Connect, a firm that was sold after five years in business. Throughout his career Errol Damelin has always strived to disrupt and build innovative ideas and business. His areas of expertise include enterprise software, start-ups, venture capital, corporate finance, mergers and acquisitions, consumer finance and angel funding. He has been widely lauded and has received many prestigious industry awards for his entrepreneurial activities, including Wonga winning the award for the fastest-growing company at the Media Momentum Awards ceremony held in Berlin and being the only company to ever rank in the top three of the Sunday Times in two consecutive years (2011 and 2012).
Based in London, Wonga is a digital finance company that has changed the way people and businesses gain access to short-term loans. Rather than the traditional high street banks or traditional lenders, consumers and small businesses can now go online and apply to Wonga for a loan. On the company website, there is a slider to help applicants choose the amount of money they want to borrow and the loan length.
Private customers are typically young professionals who know how to make their way around the web and have good credit references. If approved by the automated system, they can borrow money to be repaid in 30 days. The funds are then transferred to the accounts of private customers in five to fifteen minutes. The process is similar for business clients, who apply to Wonga for Business for larger amounts with a repayment schedule of up to 52 weeks. Either way, the plans are flexible and the customer is always in control. Borrowing from the digital finance company is totally transparent and the customer knows up front exactly what the loan repayment will cost with no hidden fees. They are also encouraged to pay the money back early and without penalty. As the company continues to grow, Errol Damelin intends to expand the company’s products and services.
Previous Professional Experience
Before establishing Wonga, Errol Damelin was the founder of Supply Chain Connect Ltd. As CEO, he managed their business locations in both the UK and the US. Before being acquired by ChemConnect in 2005, the company actively serviced more than 250 blue chip customers.
Awards and Accolades
The UK's Growing Business Awards judges voted Errol Damelin the Entrepreneur of the Year in 2011. Ernst & Young gave him the award of Entrepreneur of the Year in London and the Digital Entrepreneur of the Year, again in 2011.
Errol Damelin grew up in South Africa and studied for a degree in Business and Law from the University of Cape Town and an MSM from the Boston School of Management. In his spare time, he enjoys running in marathons, sea kayaking, mountain biking and skiing. He currently lives in London with his family.