Ezbob Acquires Wonga's Small Business Lender Everline
UK ecommerce loans specialist ezbob has acquired the small business financing arm of controversial UK payday loans company Wonga.
ezbob claims the combined company is the biggest online business lender in the UK, providing a total of 5,000 business with loans in excess of £54m.
Tomer Guriel, CEO of ezbob's parent company Orange Money, said, "This is an exciting acquisition for us, as it brings together two strong brands in Ezbob and Everline, both of which have disrupted traditional business lending. Our market leading technology platform complements Everline's well-positioned brand – the combination of the two will accelerate our growth, which has already been more than doubling year on year for each brand since launch."
In the past two years Wonga has faced an investigation by the UK's Competition and Markets Authority over its loan approval and collection practices. Wonga recently wrote down £220m in unpaid loans and laid off 325 staff.