Entrepreneur Errol Damelin founded Wonga, a short-term money
lending business, in 2007. Prior to launching Wonga, the serial
businessman built two other multi-million-pound businesses.
His last baby, Supply Chain Connect, was one of the world's
leading providers of hosted supply chain collaboration solutions.
It was a transatlantic venture with bases in the US and the UK and
more than 250 blue chip customers.
Before that, he was part of the founding team at Barzelan, an
advanced steel wire production company based in Israel. He's also
an award-winner, picking up the Credit Suisse Entrepreneur of the
Year gong at the South East finals of the UK National Business
Awards in 2008.
Damelin compares the concept behind Wonga to model of a London
black cab. In this video interview, exclusive to Smarta, he
explains how he has developed a system based on trust into a hugely
successful business concept.
He reveals the main marketing tools used by Wonga and how word
of mouth has been integral to customer acquisition. The business
also supports Kiva, which helps give funding to entrepreneurs in
the developing world.
Mobile applications and the internet are essential tools for the
company, providing accessibility and convenience to customers. In a
world where people are starting to question the reliance on the
oligopoly of the banks, Wonga provides a great alternative with a
fast and reliable small cash loan service.
- Find out more about Wonga
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