Swedish fintech unicorn Klarna buys Wonga’s BillPay for £60 million

What you need to know: Klarna is a swedish Unicorn that allows customers to buy now and pay later. They have acquired Billpay, a company that allows customers to pay in installments and through direct debits. It is present in more than 5000 retailers and has been used by more than 9 million customers. The purchase price was around £60 million.

Why it is important: This move allows Klarna to have a better presence in Germany, as well as get new technology and talent. It also highlights the trend towards consolidation in the industry, where smaller businesses are being bought by the bigger ones in order to achieve economies of scale

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