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Klarna acquires BillPay

The Swedish payment start-up Klarna buys the German payment company BillPay.

The acquisition is expected to benefit both companies. Several years ago, Wonga had bought the rocket Internet company BillPay.

None of the three companies involved has yet commented on the price. Initial reports, however, point to an 60 million British pounds estimate.

Currently, Klarna has 45 million customers in Europe. The Swedish company gains 27 million new customers in Germany, Austria, Switzerland and the Netherlands through this transaction. The German market is particularly interesting for payment service providers, as it is the largest e-commerce market in Europe.

The directors of both companies have expressed their satisfaction regarding the new opportunities this transaction opens up. Klarna co-founder and CEO Sebastian Siemiatkowski said that they are looking forward to working with "BillPay and its talented Berlin-based team". The aim is to unite the skills and expertise of both companies and ultimately offer customers even more innovative payment solutions. Siemiatkowski also pointed out that Germany is one of the largest e-commerce markets in the world and that Klarna can thus strengthen its market position.

BillPay CEO Nelson Holzner was also optimistic about the new collaboration. Together they will take a market leading position in Germany, Austria and Switzerland. As a result, it would be able to offer both merchants and end customers attractive payment options in international markets. Holzner emphasized above all the advantages that would result for cross-border e-commerce.