Wonga buys BillPay
With their recent purchase of BillPay, wonga.com has taken yet another step towards being an international multi-service digital finance concern. Wonga is a start-up based in the United Kingdom, known for providing short term loans to customers through the company's online platform. CEO and founder, Errol Damelin, has every intention of "taking on the future of finance, which is digital," and this is one more move towards that goal. According to a report by TechCrunch, Wonga aims at competing with PayPal and other electronic payment services across the European market. The acquisition is also expected to speed up the global expansion of the company and the development of an existing product called PayLater.

What is BillPay?
Like its American counterpart PayPal, BillPay is an e-commerce payment solutions company. It operates predominately in Germany but also has clients in Austria, Switzerland and more recently in the Netherlands. The company was founded in 2009 and has approximately two million users. Users can enjoy payment services from more than 3500 online vendors offering a wide range of services and products for sale. BillPay is also partnered with some of the biggest e-commerce vendors like DriveNow, CBR Group and Fahrrad.de. Payment methods are comprehensive and include installment credit and direct debit arrangements. 

Next Steps
Wonga has established a foothold in Spain and Poland, and is fast becoming entrenched in the European market. Following the purchase of BillPay, the future goals of the ambitious company are even more clear. Errol Damelin is quoted as saying, “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”. BillPay CEO Nelson Holzner stated that they feel that their services are complementary and that they are looking forward to working with Wonga.

Wonga technologyPixomar / FreeDigitalPhotos.net
The Telegraph featured the views of Lazard's Archie Norman on the rapid upward shift the technological sector has made in the UK, in the wake of the economy falling significantly behind. The chairman champions the notion that government backing should be pushed towards the digital companies, such as Wonga, making these rapid advancements possible. Norman believes that this will help gain competitive advantage and economic progress. He hopes that the country can reroute capital into supporting technology businesses instead of placing resource focus on fuel consumption and house prices alone. He strongly advocates the so-called "Googles" of tomorrow.

Dawn Capital has announced it has raised in excess of GBP63 million during the first close of its Capital II fund. Those contributing to the fund include the Future Technologies Fund in the UK and the European Investment Fund. Dawn Capital, whose existing portfolio includes Wonga.com and Mimecast, will use the fund for investment in new technology ventures in both Europe and Great Britain The recent first close was successful in a large part because of the firm's portfolio and the success of companies such as Wonga, which was founded by Errol Damelin in 2007 and that has gone on to become one of the world’s most innovative providers of short term financial solutions. 
Young companies in the financial field in London are breaking the mould and disrupting the status quo that was maintained by high-street lenders and banks. Pioneering companies like Wonga are growing exponentially. Wonga achieved a nearly 300 percent rise in net profit, with business increasing threefold, in only one year. This sort of success is inspiring workers in the financial services sector to take the plunge into entrepreneurship and cause further disorder to the traditional market. Entrepreneurs are thriving on technology; companies like TransferWise are actively undercutting banks with online currency transfer and exchange and wonga.com is using a fully automated system as chief decision maker for all loans.

A throng of start-ups are tackling areas of the financial sector throughout the United Kingdom. Online companies like the short-term loan provider Wonga and the wealth management service company Nutmeg are taking on the established banks with relative ease. This can be ascribed to the increasingly poor reputation banks are suffering lately as well as their reluctance to embrace modernisation. Wonga and its counterparts welcome technology and use it to the benefit of their customers. The preferred platform for conducting business is the internet; sites are compatible with mobile devices and social media is embraced, paving the way to the future of finance.
Wonga digital finance
Following failed efforts by the government at getting UK banks to be more willing to loan money to small businesses, Wonga is coming to the rescue by lending eligible businesses up to £10,000 through its online lending system. Not new to this game, Wonga has been shelling out small loans of less than £1,000 to individual borrowers since 2007. The short-term loans are paid back within 30 days and 92% of the borrowers are very pleased with the way the digital finance company operates. The loan information, which includes data on public record, is digitally processed and if approved, the deal is finalized within minutes.