The payday loan company Wonga, co-founded by Errol Damelin in 2007, processed one hundred thousand loans within its first two years of operation. Growing from its origins in South Africa, Damelin’s career trajectory spans from corporate finance roles in Israel to the development of supply chain software in the United Kingdom and eventual leadership in the fintech sector.
Early Education and Political Activity
Born in Klerksdorp, South Africa, on 23 August 1969, Damelin attended the University of Cape Town. During his undergraduate years, he served on the Students Representative Council and participated in anti-apartheid demonstrations. His political activities resulted in his detention for protesting government policies regarding detention without trial. He completed his degree in 1995 before moving to the United States to earn an MBA from the Questrom School of Business at Boston University.
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After relocating to Israel, Damelin worked in corporate finance before co-founding Barzelan, a speciality steel wire manufacturer in Beit Shemesh, in 1997. By 2000, he shifted his focus to technology, launching the London-based supply chain software firm Supply Chain Connect. The platform serviced major industrial clients including DuPont, Dow Chemicals, and Mondi Packaging. He sold this business to ChemConnect in 2005.
The Rise and Fall of Wonga
Damelin co-founded Wonga.com with Jonty Hurwitz to provide short-term online lending. The company scaled rapidly, reaching five hundred employees and £300 million in revenue by 2013. Following his resignation as CEO in 2013, the firm faced scrutiny for its debt collection practices, including the use of fake solicitor letters. The Financial Conduct Authority mandated £2.6 million in customer compensation, and the business entered administration in August 2018.
Philanthropic Engagement
Beyond his commercial ventures, Damelin has participated in philanthropic initiatives. He has served as an ambassador for Charity: Water, completing the Antarctic Ice marathon to raise funds for the organization. In 2015, he joined Founders Pledge, committing 2% of company equity to charitable causes. He has also engaged with Jewish Care and World Jewish Relief through panel discussions and donations.
Fast facts
- Born: 23 August 1969, South Africa
- Education: University of Cape Town, Boston University
- Co-founded: Wonga.com, 2007
- Resigned as CEO: 2013
- Philanthropic membership: Founders Pledge, 2015
- Residence: London, United Kingdom
Questions readers ask
What was the core business of Supply Chain Connect?
It provided cloud-based software for supply chain management to industrial corporations.
Did Damelin maintain his role at Wonga until its collapse?
No, he stepped down as CEO in November 2013, nearly five years before the company entered administration.
Achievements
- Educated at University of Cape Town and Questrom School of Business