Disgraced Payday Lender Wonga Sells SMB Company To Orange Money, Cuts 325 Jobs

Disgraced Payday Lender Wonga Sells SMB Company To Orange Money, Cuts 325 Jobs

More unravelling for Wonga, the UK-based lender that is online this past year had to compose down220 million ($340 million) in unpaid loans. The pany announced today so it would lay down 325 staff, and contains additionally offered Everline, its small-business financing supply, to Orange cash (trading as Ezbob). In addition, previous Wonga president Robin Klein of Index Ventures has stepped down through the board of this pany.

Index itself is certainly not an investor in Wonga, which includes raised a lot more than $145 million since starting for company in 2007. Investors consist of Accel, Balderton, Greylock as well as others.

The moves e following a scandalous duration for Wonga . The pany — along with other online loan that is payday — was examined by the UK’s petition and Markets Authority over its financing methods. The research, that has been were only available in June 2013, posted its last report just today — we’re embedding it below.

Wonga is under fire for just how well (or defectively, due to the fact instance might be) it rates the suitability of applicants for loans, as well as when it comes to techniques it utilized to get bills. Certainly one of its (now-discontinued) strategies would be to deliver letters impersonating appropriate companies to intimidate clients into spending up.

In most, Wonga had used around 950 individuals throughout the UK, Ireland, Southern Africa and Israel before the announcement that is layoff. The target is to carry on having a restructuring through 2015.

“Wonga can no further maintain its high expense base which must certanly be somewhat paid off to mirror our evolving business and market,” stated Andy Haste, Wonga’s president, in a declaration.

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