Liked this video? Attend WIRED 2013 on 17-18 October! Book now at http://www.wiredevent.co.uk
SUBSCRIBE HERE: http://bit.ly/X6kG5b
“I think we have mainstream public acceptance — sometimes a small minority just shouts louder than the majority,” says Wonga CEO Errol Damelin.
The entrepreneur was speaking at Wired Money in Canary Wharf in response to queries from Wired magazine editor David Rowan, who suggested recent critiques from politicians might stall the payday loan industry’s progress. Payday lenders were recently summoned to a government summit debating “widespread irresponsible lending” to query whether more regulation is needed, so it is certainly a view shared by more than a handful of people. However, Damelin argued that you know you’re doing something worthwhile when there’s a continued demand for it, saying the figures speak for themselves. The company was setup in 2007 and now processes over £1bn payments and has one million users. “It’s one of the faster growing technology businesses,” Damelin added.
For more science explained and technology news visit our website: http://www.wired.co.uk/
To download the Wired UK iPad App: http://bit.ly/W6UsAt
Like Wired UK on Facebook: http://bit.ly/VCGxjy
Follow Wired UK on Twitter: http://bit.ly/TQBDQ7