Summary:

Terms of the deal have not been revealed, but it will help the British moneylender in its quest to become a heavyweight international digital finance group.

The British online moneylender Wonga has bought Rocket Internet’s BillPay, which is a clone of PayPal’s online pay-on-credit system BillMeLater.

In a statement on Friday, Wonga said BillPay would help it become more of an international “broad-based digital finance group” and would be particularly handy in developing its own PayLater product. Wonga also recently launched in Poland and bought its way into Spain.

Berlin-based Rocket Internet, run by the notorious Samwer brothers, is best-known for its many ecommerce operations, but it has also been pushing into the financial services space in the last year, cloning U.S. services such as Stripe and Square. BillPay is one of the quieter Rocket operations – until recently it was only available in the German-speaking countries (Germany, Austria, Switzerland), though it recently expanded into the Netherlands.

Wonga, which is no stranger to controversy itself, said the purchase would “create one of Europe’s leading digital finance and payment systems businesses, with an immediate presence in seven major European markets.”

The terms of the deal have not been disclosed.

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