UK-based payday lender Wonga has expanded its presence in the global online payments market with the acquisition of Rocket Internet’s BillPay, a provider of payment solutions to online retailers in Germany.
According to Wonga, the acquisition will further increase their development into a digital finance group and will also speed the development of their PayLater online retail product, together with the company’s international expansion.
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The acquisition of BillPay comes after the launch of Wonga’s consumer loans service in Poland and the acquisition of an online, short-term consumer credit business in Spain.
Errol Damelin, CEO of Wonga, said the combined Wonga and BillPay entity will offer new payment and credit solutions to their customers.
With this purchase, BillPay will be able to expand its service and support development globally. Founded in 2009, BillPay offers online retailers payment options and has around 2 million users and more than 3,500 online partners.
Financial terms of the deal were not disclosed.
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