Swedish fintech Klarna acquires German online payment firm BillPay

Swedish fintech business Klarna announced that it has acquired German online payment company BillPay in a move to strengthen its position as a leading fintech player in Europe, as well as accelerating its growth in the region.

The acquisition of one of the leading German online payment provider is a subject to approval by the Federal Financial Supervisory Authority in Germany, the release stated.

“We are excited to be working with BillPay and their talented team in Berlin. By combining our skills and expertise, and leveraging BillPay’s deep market knowledge, product features and consumer offering, we are confident that we can offer even more innovative payment services to our customers,” Sebastian Siemiatkowski, co-founder, and CEO of Klarna, commented. “Germany is one of the largest e-commerce markets in the world, and we are delighted to have strengthened our position here with this acquisition.”

Being one of Europe’s leading fintech unicorns that aim to make payment process simple, smooth and safe for customers, Klarna was recently named as one of the top disrupter companies in the world by CNBC.

On the other hand, BillPay is one of the leading German online payment providers. It allows online marketplaces to offer invoice, direct debit and flexible pay later installment in order to offer customers with easy, safe and convenient pay with their favorite payment method while shopping online.

“We are thrilled to join the Klarna team. Together we will have a market leading position in Germany, Austria, and Switzerland, and will be able to offer our merchants and users highly attractive payment options in more international markets in an ever-increasing cross-border e-commerce environment,” Nelson Holzner, CEO of BillPay, stated.