Wonga Is On Its Way After A $22m Funding

Wonga.com, the startup that has started to change the face of short-term lending in the UK, has closed a $22.25m round of funding led by Accel Partners and Greylock Partners, with the support of its existing investor, Balderton Capital. It’s provided nearly 100,000 flexible cash advances of up to 30 days since it launched eleven months ago in the UK and the new funding round will now power a world-wide roll-out.

The USP (“unique selling proposition”) is that Wonga is the first consumer finance company to fully automate the lending process, providing a completely online credit solution around the clock. Via the web site, applicants select exactly how much cash they need and can then determine their own loan cost by selecting how many days they want the money for. The company’s risk and decision technology means applicants receive an instant answer, and if they’re successful, Wonga deposits cash into their bank account within an hour, at any time of day or night.