Wonga gets £10m from investors amid cashflow issues
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UK short-term money lender Wonga has been saved from going under by an emergency £10m cash injection.
According to Sky News, a group of high-profile tech investors intervened after the company’s chief executive issued a warning to shareholders about the company’s potential insolvency.
The publication states that the new fundraising is thought to have taken place at a valuation of approximately $30m (£23). Wonga had been eyeing a potential IPO in New York, a listing which would have valued the technology group at a hefty $1bn (£769m).