Los Angeles peer-to-peer lender WikiLoan Inc. late Tuesday said it signed the final merger agreement to acquire WikiPay Inc. and two overseas subsidiaries in a preferred stock deal.

WikiPay is a Los Angeles cash-based mobile payment and marketing platform that offers offers low or no transaction fees to businesses and their customers, as well as individual to transfer money between each other. WikiLoan, which operates as Web site that provides tools for person-to-person borrowing and lending, will pay WikiPay shareholders more than 7.9 million shares of WikiLoan Series A Preferred Stock for the parent company, WikiPay LTD of the United Kingdom and WikiPay SA of Mexico.

WikiLoan’s common shares now trade at 15 cents on the Pink Sheets. If the preferred stock was valued at the same price, the deal would be valued at $1.2 million.

“WikiPay has experienced tremendous interest and momentum with its award-winning products and services since winning the Harvard Business School New Venture Contest for the Southwestern United States (last March),” said WikiLoan President Edward C. DeFeudis in a statement. “By combining our respective technologies, WikiLoan and WikiPay can scale operations and effectively market to our customer segments.”