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.

 





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