Errol Damelin, chief executive, started Wonga in 2006 when he realised short-term credit was one of the few consumer industries the internet had hardly touched. With models such as Amazon and Facebook in mind, he and technical director Jonty Hurwitz set out to create a website that would challenge competitors by offering instant decisions and total transparency over what borrowers would end up paying.

New customers can borrow up to £400 and nobody can get more than £1,000. The maximum loan period is 30 days, and Wonga can deposit money into a customer’s account within 15 minutes. interest charged is eqivalent to APR is 1750%

Damelin, who built and sold two tech companies before founding Wonga, says all the technology was developed in-house.“Nothing like it existed in the market. People thought it wasn’t possible to deliver loans this seamlessly,” he says