Errol Damelin - Global Entrepreneur

Errol Damelin
Streamlining the lending process with digitized banking

Errol Damelin is an international entrepreneur who uses an innovative style of thinking to build successful companies and develop unique products. He is the chief executive officer of wonga.com, a company that he founded. Wonga is headquartered in London. Working in digital finance, the company is the first of its kind to totally automate the loan application process and has found support with high profile venture capital businesses like Balderton, Greylock and the Wellcome Trust. The advanced technology used by Wonga has enabled the company to provide almost six million loans to applicants since its inception in 2008. As a successful entrepreneur, Errol Damelin develops products currently lacking in today's marketplace. Recently, Microsoft sponsored the Sunday Times Tech Track 100 League, where Wonga was chosen as the UK's Fastest Growing Tech Company in 2011.

Digital Finance Technology

With the understanding that existing banking technology could be improved to be more consumer friendly, Errol Damelin created a new system that can be totally completed online. His company, Wonga, serves customers by providing an online emergency loan service. It has quickly gained a reputation for being a fast and reliable avenue for lending and serves as a viable alternative to the more traditional banks and lending institutions located on the high street. Wonga is an accessible lender that is always available for small businesses and consumers who need short-term funds. Once the credit check is passed, which is done in a matter of minutes, the requested money goes directly to the applicant. The technology that processes the loan information assures that only individuals with a good credit history, such as young working professionals, are granted the loans. This minimizes the risk aspect for Wonga. Individual loans are contracted to be repaid within 30 days, although many people decide to repay their loans before then, as there is no penalty for early payment. The typical length of time that someone takes out a loan with Wonga is 16 days. Business loans tend to run a bit longer – up to 52 weeks.

Additional Business Ventures

From 2000-2005 Errol Damelin worked with Supply Chain Connect Ltd., a business that he founded. As CEO he took the company to a strong position as a preeminent provider of hosted suppliers in chain collaboration solutions. With vital supply chain partners, the company shared critical orders and inventory and demand details in real-time, which resulted in decreased administration expenses and lower levels of inventory. Before that, in 1995, he was a corporate banker and focused on early stage finance.

Personal Information

A South African native, Errol Damelin studied at the University of Cape Town and Boston University's School of Management. He makes his home in London, where he stays active by running marathons, mountain biking and sea kayaking.

Additional information

Errol Damelin - Wiki Page

Errol Damelin on CVShare
Errol Damelin - Xing Profile