Wonga Buys PayPal Alternative In Payments Play

U.K.-based online payday loan service provider Wonga has announced that it will purchase PayPal alternative BillPay, TechCrunch reported on October 18.

Terms of the deal were not disclosed. Investors in BillPay included Rocket Internet, AB Kinnevik and Holzbrinck.

“As well as giving Wonga Group a presence in Europe’s second largest online retail market, this deal continues our on-going transformation into a fully international, digital finance business with operations across three continents and more than three million customers,” the company said in an October 18 statement.

For more on the news, read the full press release here.