Wonga Group Limited (05897177): administration
- Status
- Administration ended
- Administration began
- 2018-08-31
- Administrators' firm
- Grant Thornton
- Formerly
- Quickbridge (UK) Limited
- Incorporated
- 2006-08-04
- Location
- Manchester
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
Wonga Group Limited (formerly Quickbridge (UK) Limited) (WGL) was incorporated on 4 August 2006 and its UK trading subsidiary company WDFC UK Limited (formerly Wonga.com Limited) (t/a Wonga UK) was incorporated on 18 September 2007. The activity of the Group carried out through Wonga UK, which commenced trading in 2008, was the provision of short-term loans that borrowers applied for online with automated lending decisions utilising loan approval technology developed by the Group. Initially the Group operated only in the UK, through Wonga UK but by 2011 it had established a number of operations overseas, including a customer services support centre in South Africa.
The UK business grew rapidly supported by extensive advertising and sponsorship campaigns, and by 2012 Wonga UK was providing 3.9 million loans and advancing funds totalling £1.17 billion during the year.
The wider Group also continued to expand, establishing consumer loan businesses in Poland, Canada, South Africa and Spain, a technology support operation in Ireland and investments in India and Norway. The Group also acquired an online payment platform in Germany, BillPayment Gmbh.
Administrators' statement of proposals (2018-11-08) · Companies House register