| Founded | 2006 |
|---|---|
| Closed | 2018 |
| Country | UK |
| Sector | Fintech |
| Total raised | ~$95M USD |
| Collapse type | Regulatory Kill |
| Founder | Errol Damelin |
Wonga
"Errol Damelin built a £1B payday lender on 5,853% APR loans. FCA capped rates in 2015. Wonga wrote off £220M in unaffordable loans. Filed administration August 2018 after compensation claim surge."
Forced closure by regulatory action
Key Events Timeline
Wonga was founded in 2006 by Errol Damelin (South African entrepreneur) and Jonty Hurwitz in London.
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