Wall Street Journal:

JUNE 8, 2009, 12:34 P.M. ET

 UPDATE: Accel Partners,Greylock Back Cash Lender With $22.25M

 LONDON (Dow Jones)--Venture capitalists Accel Partners and Greylock Partners said Monday they have invested $22.25 million in Wonga.com, an online provider of short term cash loans.

They join existing investors Balderton Capital, which was the company's first outside investor, and Dawn Capital which invested in the company last August.

The cash will fund further growth for the company which has already provided some 100,000 flexible advances to U.K. consumers since its full market launch just eleven months ago.

"In this market, there are some excellent opportunities to build innovative financial services businesses," said Greylock partner Laurel Bowden.

"Wonga's management team has developed a very innovative and real-time credit offering, solving relatively small immediate cash needs, and the business has shown impressive traction in the market," Bowden added.

Customers apply online and can borrow upto GBP750 for a maximum of 30 days which is deposited directly into their bank accounts. Interest is charged at 1% a day and is not compounded.

Wonga.com plans to expand geographically especially across Europe as well as locally.

By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com