BillPay is often referred to as the German equivalent of the payments giant PayPal, and currently holds a customer base of over two million people across the country. The company already partners with some of the largest ecommerce brands across Europe, making it the perfect stepping stone into the market for Wonga.

The move follows the launch of Wonga’s PayLater service that offers customers the ability to pay back their loan in low-cost instalments via a checkout finance option.

Wonga says: "The acquisition significantly accelerates our development into a broad-based, digital finance group and will also speed the development of our PayLater online retail product, together with the company's international expansion."