British payday loan-company acquires BillPay, e-commerce payment processing provider.
With a processing log of more than 3,500 online merchants and about two millions paying consumers, BillPay, payment processing company is a well-known player in European e-commerce.
After its service launch in Poland (following the UK, South Africa and Canada) and its purchase of a Spanish short-term consumer credit business, Wonga has moved into the European Payment processing market through BillPay.
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The founder of BillPay, Nelson Holzner, is remaining with the company and has commented saying: “All of us at BillPay are delighted we are joining forces with such a large and innovative group as Wonga. We feel our services and ethos are entirely complementary and we look forward to working with them.”
Wonga’s existing PayLater service which enables customers to extent the cost of items up to £1,000 over three months with an up-front fee only has 20 participating retailers. With BillPay, Wonga hopes to grow this wing of the business.
Errol Damelin, Chief executive of Wonga reinforced this idea when he 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.”