Wonga Acquires A Payment Solutions Company BillPay
Wonga is a United Kingdom based lender that has acquired Rocket Internet’s BillPay. BillPay is a payment solutions for online retailers in Germany, Austria, Switzerland, and the Netherlands. BillPay was founded in 2009 and is based in Berlin.
BillPay CEO Nelson Holzner and several other senior executives will remain at the company following the acquisition. BillPay has around 90 employees, 2 million users, and 3,500 partner merchants. Wonga employs 600 people and has increased profit by 35% to $136.780 million (£84.5 million last year).
BillPay will now be able to speed up their international expansion and enhance their PayLater product. PayLater and BillPay lets online shops offer delayed payment options rather than paying directly at checkout. This lets buyers make payments in installments.
“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,” stated Wonga founder and CEO Errol Damelin.
The terms of the deal were undisclosed. BillPay currently processes €300m of transactions per year.