Our CEO and founder is taking part in the huge FinovateStartup event in the States this week. It’s basically a major gathering of entrepreneurs, analysts, journalists and investors who all turn up to hear about the hotest new companies - like Wonga!

Each presenter has just five minutes to do a demo of the service they offer, in which they must impress and, ideally, entertain. We should be one of the more enjoyable efforts, using a storyline about a stag/bachelor party in Spain to set the scene for the demo.

Our CEO will be explaining that he needs some fast funds to help buy bargain flights and a costume for the trip and he plans to end his slot with an image of himself in Barcelona… wearing a nun’s costume.

That’s certainly not one of his normal habits, boom-boom!

After a six-month delay, it looks like fast cash transfers between bank accounts, known as Faster Payments (FP), should be available from the end of May. It’s the beginning of the end for the Bemuda Triangle of the banking world.

Until then, everytime you move money between different accounts the cash ends up hovering between banks for three days - a ‘clearance’ delay. The only way to transfer cash the same day is through the Clearing House Automated Payments System or CHAPs. This costs a lot of money for individuals and is really aimed at businesses-to-business transfers. And even CHAPs has limitations, with a cut-off point each afternoon for same-day cash transfers and no service during weekends and bank holidays.

So the arrival of FP will not only mean faster cash transfers for you and I, but will also allow Wonga to pay loans to customers within minutes - no matter what day of the week or time of day it is. The only downside to FP is that not all banks and building societies will be taking part to begin with and you’ll need to be with a participating bank to make use of the scheme. Thirteen of them have signed up so far, with most of the major ones included, but hopefully it will become available to everyone in the not too distant future.

Woohoo! Our plans for a new take on short-term lending have been commended by business experts once more. The entrepreneurial gurus at Startups.co.uk have placed Wonga in their Startups 100 list for 2008… In the top 20 actually! At this rate our highly buffed trophy cabinet will be groaning with silverware before we’ve even decided where to hang it. Many thanks guys - we’re thrilled to be acknowledged as one of the most exciting new business in Blighty right now.

Here’s a brief extract from their press release, which explains more: Startups 100 lists the most exciting and innovative emerging small companies predicted to become the big businesses of tomorrow. Companies were assessed on originality of concept; strength of business model; turnover; evidence of future revenues; proposition to investors; quality of management; and potential to disrupt existing markets.

“Web 2.0 start-ups bidding to become the next big internet super-brand featured prominently, while green and social enterprises also occupied a strong hold in a diverse line-up of businesses.”

The new court ruling on banks and the whopping fees they charge for unauthorised overdrafts has been widely reported in the media this week. The final outcome is still not certain, but it has put the issue firmly back into the public eye.

One of the main arguments against the scale of the charges is that they can be imposed regardless of how far punters go over their limit. For example, you could be hit by a fee of more than £30 for going £50 into the red for just a day or two. It goes to show the true cost of accessing instant cash in an emergency.

Wonga is planning to provide a fairer alternative. You’ll still need to pay for the speed and convenience of an instant loan of course, but you’ll be able to choose exactly how much you want to borrow and for how many days - with the full cost calculated for you up front.

As The Times reports: “The banks have until May 22 to decide whether to appeal. As they struggle with their own financial problems — as evidenced by Royal Bank of Scotland’s announcement of a £12 billion rights issue to cover a potential £5.9 billion write-down on its assets — the banks are thought unlikely to accept a judgment that could lead to billions of pounds being reclaimed. If the OFT concludes that the charges are unfair it could cap fees at a much lower rate than the £30 typically charged, costing the banks an estimated £10 billion more.”

The cost of plastic is getting steeper according to money advice site Fool.co.uk. Here’s an extract from an article this week…

What’s more, the rates charged by credit cards aren’t affected by base-rate cuts. Indeed, there’s a huge disconnect between credit-card interest rates and the base rate. Put simply, whatever happens to the base rate, credit-card issuers like to keep their interest rates high!

In fact, according to Fool partner Moneyfacts, card interest rates have increased noticeably since April 2006. Two years ago, the Office of Fair Trading (OFT) forced card issuers to cut their late-payment fines to a maximum of £12 per offence. Some card firms were charging fines of £20 to £25, so they lost a vital source of revenue.

Predictably, credit-card issuers fought back by raising their charges elsewhere. In the past two years, the average interest rate for purchases was 14.9% APR. Today, this stands at 16.4%, which is 1.5 percentage points higher, or an increase of a tenth (10%). Thus, a level balance of, say, £3,000 would have cost £447 in interest two years ago. Today, the yearly interest bill will be £492, or £45 a year more.

Of course, if you always pay your monthly credit-card bills in full, then rate rises won’t affect you one bit. However, if you rely on your credit card to subsidise your lifestyle, then things are looking increasingly grim. Worst hit are cardholders who withdraw cash on their credit cards. Using credit cards to get cash is always a bad move, because you pay:

• 1. a withdrawal fee for every cash advance (via cash machines or over the counter);
• 2. interest from day one (there is no interest-free period for cash); and
• 3. interest at sky-high rates.

We agree that credit cards can be expensive for borrowing cash. But what can hit you harder is the ongoing cost if you fail to pay off your balance at the end of the month. Plastic can be handy but staying on top of your balance is always down to personal discipline. With a short-term Wonga loan, you’ll be able to access fast cash that you repay within 30 days - on a date that suits - so you only pay interest for the period of the loan and then it must be repaid when you promise.

Wow, we’ve done it! We’ve been named amongst the top 100 most exciting new tech companies in Europe by Red Herring! It’s our first ever award – the first of many we hope – and testament to all the hard work and new thinking that’s gone into creating the slickest short-term lender on the block.

Although we’re yet to fully launch our service at Wonga.com, our existing innovation and whizzy technology is already attracting admirers in the business world. Everyone likes to receive the odd pat on the back but, if you’ll forgive a little crowing, our backs are positively tingling right now.

First of all we’ve been whooping and dancing since being short-listed for inclusion in this year’s Red Herring Europe 100 list. It’s basically a who’s who of the most exciting new tech businesses across Europe, Middle East and Africa - and we could be one of them.

Next we heard that we’d been named a finalist in the European Excellence in Payments Innovation Awards (catchy eh?). We’ll be up against two other companies for the title of Most Innovative Payment Processing Solution.

Shortly after that we received good tidings from the lovely people at the National Business Awards, completing a hatrick of finalist places! We’ve made the regional sort-list in two categories – The Orange Best Use of Technology in Business Award and The Credit Suisse Entrepreneur of the Year Award (a prestigious individual gong that we hope could go to our illustrious CEO).

OK, so we’ve not actually, definitely, 100% won any of these awards yet, but it’s an honour just to be in the running. We’d love some recognition for all the hard work everyone’s put in so far and we should find out if we’ve achieved that soon, so watch this space.