Wonga, a UK-based lender which offers short-term loans, has acquired Germany-based online payment and financing platform BillPay. a portfolio company of e-commerce incubator Rocket Internet. Investors in BillPay include Rocket Internet and its co-investors Holzbrinck and AB Kinnevik. Terms of the acquisition have not been disclosed.
BillPay, founded in 2009, provides technology that allows customers to make online bill payments via a range of methods, including by instalments, without the retailer incurring credit risk.
Errol Damelin, Wonga’s chief executive officer, said: “The combined Wonga and BillPay business will consolidate our position as a pioneer in the financial revolution, offering customers a range of bold new payment and credit solutions for the modern world.
“As well as giving Wonga Group a presence in Europe’s second largest online retail market, this deal continues our on-going transformation into a fully international, digital finance business with operations across three continents and more than three million customers.”