28 June 2007
VentureWire
By Staff Reporters
Wonga, an online service for same day personal loans, has raised a $6 million round of investment to finish developing the company's technology platform. Balderton Capital, formerly Benchmark Capital Europe, provided the funding. Wonga.com is designed for people who want a short term, unsecured, same-day cash loan to help them out when unexpected expenses or urgent cash requirements arise, the company said. London-based Wonga aims to build social contracts and trust ratings with all its customers, as well as carrying out standard credit checks. Once their trust rating is fully established, Wonga allows its customers to borrow up to $2,000 at any one time. The company charges a $50 fee for the transaction and a 13.8% annual percentage rate.