Wonga hires new CFO to steer turnaround

UK lender Wonga has hired Joanna Baker as its new CFO as the firm attempt to restructure in the face of stricter regulation.

Baker previously held the role of CFO at payments processor Worldpay’s UK business and will take over from Paul Miles who is leaving the firm to join sport betting and gaming group GVC.

The new hire comes as Wonga attempts to shift its business away from payday loans with high interest rates following tougher regulations imposed by the FCA.

These include a cap on daily interest rates and the fees that payday lenders can charge.

Wonga was also forced to register with the FCA to continue operating.

The expensive restructuring caused the company to record a £80.2m pre-tax loss in the previous financial year – a 52% year-on-year increase.

The company now offers both a short term and a three-month, long-term loan.

It counts 500,000 customers globally, half of which are UK based.

Baker’s departure from Worldpay follows the company’s UK managing director Dave Hodbay quitting to take on the CEO role at an undisclosed private-equity owned business.

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