Commenting on the The Times story (£) that online lender Wonga saw earnings after tax rise from £12.4 million to £45.8 million last year, Meyer said:
“The UK is extremely good at financial services, but when you layer in digital technology that’s where you really get it. What Errol Damelin [the founder of Wonga] did was to create a real-time lending facility. And consequently he’s set the bar high for the banking industry. As a result customers now expect quick loan decisions – technology has accelerated the process.”
Meyer’s insight has been gleaned from 15-years experience working with some of the world’s biggest technology entrepreneurs. Seven Hills recently ran the launch campaign for Meyer’s latest book Welcome to Entrepreneur Country.