Wonga.com, the online provider of short-term cash advances has raised US$22m from a host of venture capitalists including Accel Partners, Greylock Partners and existing investor Balderton Capital.
Partner at Balderton, Bernard Liautaud said: “It is a great achievement to have raised such a significant second-round funding in this environment and proves the success of the Wonga business model.”
Wonga was founded in 2007 by Errol Damelin and Jonty Hurwitz. Based in London, the website provides cash advances up to the amount of £750 for up to 30 days. Since its inception, the website has provided approximately 100,000 cash advances.