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.
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