Payday lender Wonga to drop toxic name and advert puppets after losses April 21, 2015 Payday lender Wonga is planning to replace its toxic brand with a new name and a range of products beyond its core payday lending business, its bosses said yesterday. The online loans firm made a £37.3m loss in 2014 on falling lending and a sharp rise in costs. It is under financial strain as [...]
Wonga re-branding: Experts predict payday lender to pick a very boring new name April 21, 2015 Wonga is likely to pick a dull name to deflect attention in future, brand consultants told City A.M. The online payday lender ran a hugely successful branding campaign, rapidly becoming the most high-profile firm in its sector. “Its success was also its downfall,” said Sholto Lindsay-Smith from brand consultancy Industry. “It was the most catchy name [...]
Payday lender Wonga slips into the red as regulatory crackdowns take their toll April 21, 2015 The figures Things aren't looking good for much-maligned payday lender Wonga. Figures posted today showed it slipped into a pre-tax loss in 2014, to the tune of £37.3m, down from a profit of £39.7m this time last year, as various regulatory crackdowns took their toll on its figures. That pushed it to a net loss [...]
Wonga job cuts: The evolution of the UK’s top payday lender February 25, 2015 Wonga founder Errol Damelin Damelin establishes Wonga Wonga was founded by current chief executive Errol Damelin in October 2006. With the help of software engineer Jonty Hurwitz and venture secured from Balderton Capital, Damelin launched wonga.com in 2007. By June 2009, the company had reached 100,000 loans. The firm launched its iPhone app in December [...]
One in three Wonga staff to get the boot February 24, 2015 CONTROVERSIAL payday lender Wonga yesterday said it expected to cut loose 325 employees supporting its UK consumer business in a widespread restructuring and cost reduction programme. The staff cull would equate to over a third of the company’s 950-strong workforce, and represents half of its 650 employees dedicated to its UK consumer business. The redundancies [...]
Wonga cuts 325 jobs in restructure amid payday lender crackdown February 24, 2015 Troubled payday lender Wonga, which became the face of sky-high interest rates, will cut 325 jobs in a significant restructure amid mounting regulatory pressure on the short-term loans industry. Its bid to save at least £25m over the next two years comes as the competition regulator announced new rules for lenders, after a price cap was [...]
Wonga ad agency cuts ties over lender’s bad behavior February 19, 2015 The advertising agency which created the well known Wonga TV ad campaign featuring puppets of pensioners has said it will no longer work with the controversial payday lender. London ad agency Albion said it does not agree with some of Wonga’s practices which it had become aware of during its time working with the company. [...]
Wonga escapes criminal investigation over fake legal letters February 5, 2015 Wonga has escaped criminal investigation into allegations that the payday lender sent letters to customers falsely claiming to be from lawyers. The City of London police confirmed today that it would not take the matter any further, saying there was not sufficient evidence to pursue the matter. The case was reopened by the [...]
Wonga to end Blackpool FC sponsorship January 29, 2015 PAYDAY lender Wonga will not renew its sponsorship deal with Blackpool FC when the current contract expires at the end of this season, the embattled online finance firm said yesterday. It comes as part of a wider review of its marketing strategy – Wonga has already stopped advertising on TV, and removed its name from [...]
Wonga cuts interest rates and fees as FCA clamps down December 16, 2014 Wonga is capping interest rates on its loans at 0.8 per cent per day and is limiting the amount of debt its borrowers can rack up, the troubled payday lender announced yesterday. The move comes in response to new rules from City watchdog the Financial Conduct Authority (FCA). Its crackdown on the sector is expected to [...]