Wonga.com came out of stealth mode on Thursday at the Library House Event, Essential Web. Wonga offers same day cash to borrowers. In fact the alpha trials demonstrate that transferring cash to approved on-line applications should take no more than 30 minutes.
The system that Errol Damelin, Jonty Hurwitz and the team have developed has about 20 complex system integrations but using the power and speed of the web makes the whole experience for the user clean, simple, clear and quick.
Wonga is a simple solution for personal debt management, designed for anyone who occasionally wants a short term, unsecured, same-day cash loan to help them out when unexpected expenses or urgent cash requirements arise.
Wonga aims to build social contracts and trust ratings with all its customers, as well as carrying out standard and innovative credit checks. Once their trust rating is fully established, Wonga allows its customers to borrow up to £1,000 at any one time.
We also announced the first funding round of $6m for Quickbridge Ltd (the owner and developer of Wonga.com) by Balderton Capital (formerly Benchmark Capital Europe).
Read some of the blogs referring to the announcement here: mashable, e-consultancy, venturebeat and P2P Banking
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