German deal sets up change of image for Wonga
Saturday 19 October 2013
The payday lender Wonga has struck a major deal which it hopes will take it out of the Archbishop of Canterbury’s bad books.
It is buying Germany’s second-biggest online payment firm BillPay in a move which will treble its annual revenues and allow it portray itself as a “broad-based, digital-finance group” rather than just another payday lender.
The Archbishop, Justin Welby, vowed to put payday lenders out of business earlier this year by using the Church of England to build up Britain’s network of credit unions.
Wonga would not reveal yesterday how much it is paying for BillPay, which has around 2 million customers and works with more than 3,500 online shops. It offers customers various buy-now pay-later ways of internet shopping including instalment payments and direct debits.
Errol Damelin, founder and chief executive of Wonga, 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. As well as giving Wonga Group a presence in Europe’s second-largest online retail market, this continues our ongoing transformation into a fully international, digital-finance business with operations across three continents and more than 3 million customers.”
Wonga recently launched a lending operation in Poland and bought a Spanish online credit business.
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Naked free runner captured in breathtaking photographs above London's streets
- 4 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 5 Manchester United named Premier League's loudest fans despite late push by Chelsea according to 'Smart Meter' app
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by police in Ohio park
Heroin to be prescribed to Canadian addicts by doctors
Audacious North Korean kidnap plot foiled at Paris airport as 'Asian men' attempted to bundle student onto plane
Tower Bridge glass walkway 'smashed' by night-time visitor dropping bottle of beer
Revealed: the case against Bill Cosby – through the stories of his accusers
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
France 'blocks' Russian sailors from boarding a warship
Green Party Caroline Lucas interview: 'We could be on the edge of something very big'
iJobs Money & Business
Negotiable: Argyll Scott International: Hi All, I'm currently recruiting for t...
£50000 - £60000 per annum + benefits: Argyll Scott International: A Business A...
£30000 - £35000 per annum + benefits: Ashdown Group: PR Marketing & Events Exe...
$80000 - $110000 per annum, Benefits: Bonus and Employee Investment Scheme: Se...