Wonga, a London, UK-based online lender, has completed a £73m round of funding.
The round was led by Oak Investment Partners, with participation from Meritech Capital Partners, Wellcome Trust, Accel Partners, Balderton Capital, Dawn Capital, Greylock Partners and TAG.
The company will use the funds to further invest in its technology platform.
Founded in 2007 by CEO Errol Damelin, Wonga is designed to provide people having urgent cash flow problems – typically young professionals who generally have access to other forms of credit – with small, short term loans. The company intends to remove the complexity and inflexibility consumers face when they need to borrow some cash in a hurry and for this reason has developed an automated loan processing system, which can analyze publicly-available data real time in order to provide quick decisions and payments.
Wonga has a consumer credit licence from the Office of Fair Trading and is members of the Finance and Leasing Association.