Wonga, which provides consumers in the UK with cash advances on short term lending has raised $22.5 million in its current round of funding. The funding came from its existing investor, Balderton Capital and was led by Greylock Partners and Accel Partners. The firm is the first of its kind that provides completely automated lending, letting consumers draw cash (limited to a maximum £750) via it’s web interface and decide for how many days they need to borrow the money. The idea sounds pretty useful and gives users the easy availability of cash/loan that can be returned in the maximum of 30 days. The startup itself has fared pretty well, growing rapidly in the UK in just eleven months of its existence.
