Disgraced Payday Lender Wonga Sells SMB Company To Orange Cash, Cuts 325 Jobs
More unravelling for Wonga, the UK-based lender that is online a year ago needed to compose down220 million ($340 million) in unpaid loans. The pany announced today it has also sold Everline, its small-business lending arm, to Orange Money (trading as Ezbob) that it would lay off 325 staff, and. In addition to that, previous Wonga president Robin Klein of Index Ventures has stepped down through the board regarding the pany.
Index itself is certainly not an investor in Wonga, that has raised a lot more than $145 million since starting for company in 2007. Investors consist of Accel, Balderton, Greylock among others.
The moves e after having a period that is scandalous Wonga . The pany — along with other online pay day loan businesses — was examined by the UK’s petition and Markets Authority over its financing methods. The research, that was were only available in June 2013, posted its report that is final just — we’re embedding it below.
Wonga happens to be under fire for how good (or defectively, once the instance can be) it rates the suitability of candidates for loans, and in addition for the techniques it utilized to gather bills.