25 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Klarna agrees £60 million deal to acquire Wonga's BillPay

06 February 2017  |  6257 views  |  0 Online Buy and sell button

Fast-growing Swedish payments startup Klarna has acquired Germany's BillPay, a Berlin-based consumer financing outfit owned by UK payday lender Wonga.

Klarna is understood to be paying about £60 million for the 140-person BillPay business, which is licensed by BaFin and offers its products and services in Germany, Austria, Switzerland and the Netherlands.

BillPay is in the same market as Klarna, enabling online shops to offer invoice, direct debit and flexible pay later installments to customers at the checkout. Established in 2009, it claims 5000 online merchants and 12 million consumer users.

Klarna, which employs 1500 staff, works with 65,000 merchants to offer payments to more than 45 million users in Europe and North America. Backed by Sequoia Capital, the business is valued at £1.9 billion.

Sebastian Siemiatkowski, co-founder and CEO of Klarna, comments: “Germany is one of the largest e-commerce markets in the world, and we are delighted to have strengthened our position here with this acquisition.”

The BillPay deal follows an agreement by Klarna in November to take on the team behind the bankrupt Berlin fintech startup Cookies. The Cookies app, founded by former N26 employees Garry Krugljakow and Lamine Cheloufi, aimed to simplify mobile money transfers.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Klarna and Arcadia let online shoppers buy now, pay later

Klarna and Arcadia let online shoppers buy now, pay later

13 September 2016  |  6986 views  |  3 comments | 10 tweets | 23 linkedin
Swedish online payments firm Klarna buys rival Sofort

Swedish online payments firm Klarna buys rival Sofort

18 December 2013  |  4461 views  |  0 comments | 7 tweets | 7 linkedin
Wonga acquires German online payments firm BillPay

Wonga acquires German online payments firm BillPay

18 October 2013  |  6020 views  |  0 comments | 5 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57146 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8676 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8552 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7094 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
6996 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job