Wiki is an editable webpage that can be developed with multiple links, embedded objects, and collaborative contents. One of the largest wiki based website in the world in Wikipedia. This research explores the potential of wiki to be used as a collaborative learning and teaching tool in higher education. In one of the corporate finance modules at the School of Management, University of Surrey, several wiki based assignments involving real life data and information were designed to formally assess the participants. The result is remarkable with positive feedback from the students who had an immersive enquiry based learning experience. It clearly demonstrated the power of collaborative learning using technology as a source of knowledge and means of convenience to develop very rich content for the specified problems. Three separate time-bound lab sessions were designed using wiki as the platform, which has now been formally adopted as the principle group project (coursework) in this particular module from this academic year. Few of the major learning out of this action research were: the need for appropriate planning, time management, adequate training for participants to maximise the potential usage of wiki, and providing high quality data and information for better learning.