Home Business NewsBusiness Wonga co-founder quits hours before MPs’ grilling

Wonga co-founder quits hours before MPs’ grilling

6th Nov 13 10:36 am

Wonga co-founder Jonty Hurwitz yesterday quit the board of directors just hours before the company faced questioning by MPs over its business activities.

Wonga was called up yesterday by the Business, Industry & Skills Committee – alongside Mr Lender and QuickQuid – over payday loan regulation and conduct.

Hurwitz co-founded the company in 2006 with Errol Damelin, although Hurwitz has kept a significantly lower media profile than Damelin.

Hurwitz created the algorithm Wonga uses to asses a potential borrower’s creditworthiness automatically.

The algorithm has allowed the company to make lending decisions without any human involvement in the decision-making process.

Hurwitz relinquished his operational role at Wonga two years ago but stayed on as a board member.

He is leaving to explore other opportunities, according to Wonga.

Hurwitz is also a keen artist, and his sculptures and paintings can be found around Wonga’s HQ next to Regent’s Park.

If you’re interested, you can view his work here: http://www.jontyhurwitz.com/

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