Swedish e-commerce company Klarna has acquired BillPay, a German online payment company, from its previous owner, Wonga, for a reported £60m – though the fee is yet to be confirmed by the companies.

Berlin-based BillPay was founded in 2009 by Dr. Nelson Holzner – before being acquired by the UK payday loan company Wonga, in an attempt to shift its focus due to struggles. It has over 140 employees and offers its products and services in Germany, Austria, Switzerland and the Netherlands. It boasts ‘more than 5,000 online shops and millions of customers’ as using its services.

“We are very excited about working together with BillPay and their talented team based in Berlin,” said Michael Rouse, Klarna CCO, in a Medium post. “With our combined skills and expertise, we believe this partnership will allow us to offer more innovative payment services to both merchants and users in order to create a better online shopping experience.”

Sebastian Siemiatkowski, co-founder and CEO of Klarna, added in a statement: “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.”