Errol Damelin is a successful global entrepreneur known for building innovative businesses.
Born in 1969 and raised in South Africa, Damelin received his MBA 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, he is the CEO and founder of London-based wonga.com – a digital finance company backed by some of the world’s leading venture capital firms, such as Greylock, Balderton and the Wellcome Trust. Wonga is Errol Damelin's most ambitious project to date, being the first to fully computerize urgent 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 October 2007 and quickly became known for fast and reliable lending, offering customers an accessible alternative to high street lenders and banks; Wonga has now offered over five million loans since its inception.
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 has been 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 twice 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 league. This listing annually elects the fastest growing privately held companies according to sales growth over the last three years in the United Kingdom. Wonga's success is similar to that of amazon.com, who originally started by only selling books but today is a multi-product marketplace. Damelin's desire is to make Wonga the Amazon of financial services.
Errol Damelin currently lives in London with his wife and family. In his spare time he is a keen marathon runner and sportsman, enjoying activities like sea kayaking and skiing.