Wonga buys VC-backed Billpay

Wonga, backed by venture capital firms such as Dawn Capital, Balderton Capital, Accel Partners, Greylock Partners and Oak Investment Partners, wholly acquired German start-up Billpay from venture capital firms Rocket Internet, Holtzbrinck Ventures and Kinnevik, as well as business angel Reinhold Zimmermann.

London-based Wonga aims to broaden its geographical operating footprint through the acquisition of Billpay, which operates in the Netherlands, Germany, Switzerland and Austria.

The acquisiton comes shortly after Wonga founded two subsidiaries for the Spanish and the Polish market respectively.

At the beginning of the year, Wonga, which has received around €105m in venture capital funding so far, according to unquote" data, attracted negative publicity when becoming engaged in a media battle with the Church of England.

Company
Billpay offers online payment services to clients in the German speaking regions. Customers can shop online and pay via invoice, installments or direct billing through Billpay. 

So far, the firm has 2,000,000 clients and works together with around 3,500 online retailers.

Billpay was founded in 2009 and is based in Berlin.

People
Errol Damelin is founder and CEO of Wonga. Nelson Holzner is founder and CEO of Billpay.

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• Topics
• DACH
• Financials
• Exits
• Portfolio management
• Germany
• Holtzbrinck Ventures
• Dawn Capital
• Balderton Capital
• Greylock Partners
• Oak Investment Partners