Tue, 16 Aug 2011 | BUSINESS SALE
The senior managers at Wonga, which is known as a pay-day lender, have explored its future growth opportunities with numerous London-based banks over the past month or so.
Wonga has not yet made any deals with banks to assist in its future plans to possibly sell or float the business, however, that the move shows the firm has ambitions.
It is believed that the targeted banks may be hired to act as advisers for any additional pre-IPO fundraising and strategic advice.
With its steady growth, Wonga is among the top technology start-ups in Britain, and is understood to have set its sights on expanding into overseas markets. Canada and Ireland have been identified as potential targets.
After its fundraising brought in £73 million earlier on this year - with new shareholders Oak Investment Partners and Meritech Capital Partners on board – it is expected that Wonga will be able to fund some of its growth plans already.
Software developers Errol Damelin and Jonty Hurwitz set up Wonga in Britain in 2007 to offer short-term loans to consumers who want to avoid taking on personal loans or credit cards.
The short-term loans offered are up to £1,000 for 30 days. The high APR interest terms that must be advertised, which can reach 4,214pc, have attracted the attention of the media.
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