16. Wonga

Short term cash loans

Founders: Errol Damelin and Jonty Hurwitz
Website: www.wonga.com  

Errol and Jonty are on a mission to revolutionise the borrowing market by offering instant short-term loans (5-30 days) to consumers via the internet or mobile phones. Rather than taking out a credit card with an ever-increasing spending limit, customers can request up to £200 to be instantly deposited in their bank account after confirming a repayment date and interest rate.

Errol says the biggest challenge setting up Wonga was working around a ‘decrepit and outdated’ banking system which just couldn’t get to grips with the idea of instant loans.

Startups 100 by Startups.co.uk