Errol Damelin

Entrepreneur and Investor




London, UK

Errol Damelin

Who is Errol Damelin?

Errol was the Founder of Wonga.com and its CEO from its inception in 2006 until 2013 when he moved to Chairman before leaving the day to day of the business in 2014.

Errol Damelin is a successful global entrepreneur known for building innovative businesses.

Born in 1969 and raised in South Africa, Damelin received his Masters Degree from Boston University's School of Management. Following his graduation in 2002 from Cape Town University, he spent a period of time in Israel becoming an investor in new, creative business ventures; helping support young entrepreneurs fulfill their dreams.

Today, Damelin is a selective early stage technology investor and was the seed investor in many successful start-ups including TransferWise, Purplebricks and CityMapper.

He’s also the Chairman of men’s online curated fashion business Thread.com.

Founder of Wonga.com

Wonga.com is an online and mobile lender and technology company with backing from some of the world's top VCs such as Greylock, Balderton and the Accel Partners. It was the first bank or Fintech company in the world to fully computerize consumer loans through the use of their unique technology – making approval and payments available to customers in a matter of minutes.

Under Errol Damelin's leadership , Wonga was founded in 2006 and quickly became known for fast and reliable lending, offering customers an accessible alternative to high street lenders and banks. While Damelin was CEO, it reportedly provided over 10 million small, short-term loans to both individuals and small businesses using its proprietary and fully automated, real-time risk and decision systems.

Wonga's mission was to responsibly provide a customer-friendly alternative to slow, rigid and long-term sources of credit. That meant providing completely transparent pricing, using sophisticated decision technology to ensure we only lent to credit-worthy individuals while giving applicants unique control over the exact size, length and cost of their loan.

With the belief that technology can be used to deliver a more consumer-centric service than banks offer, Errol Damelin has recognized that speed, availability and complexity are the most important issues for both consumers and small business owners who need quick loans. He firmly believes that retail consumers don’t always buy the cheapest products on the market, but rather look for value in other ways.

Wonga was a pioneer in providing smartphones with an instant lending application, with independent surveys showing this to be a beneficial aspect for its customers, and perhaps providing a potential framework for the future of finance.

By finding an unfulfilled niche in the market and bringing his ideas to fruition, Errol Damelin's entrepreneurial skills have helped him acquire accolades such as being recognized for Ernst & Young's Entrepreneur of the Year Award in the UK. Wonga was also voted the Fastest Growing Tech Company in the UK in 2011 by the Microsoft sponsored Sunday Times Tech Track 100. This listing annually elects the fastest growing privately held companies according to sales growth over the last three years in the United Kingdom..

Errol Damelin currently lives in London and has 4 children. In his spare time he is a keen sportsman, enjoying activities like sea kayaking and skiing.

Damelin can be followed on Twitter at @ErrolDamelin for updates

Errol Damelin - Online Websites

Errol Damelin - Location


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