Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

PayPal to acquire online lender Swift Financial

by | May 25, 2021

PayPalSan Francisco : PayPal, one of the world’s largest Internet payment companies, said on Thursday it would acquire Swift Financial, an online lender for small businesses in the US.

Headquartered in San Jose, Northern California, PayPal said the move is part of its efforts to support the hard work of small business owners and entrepreneurs, Xinhua reported.

Swift Financial, founded in 2006 and headquartered in Wilmington, Delaware, has provided funding to over 20,000 businesses through loans and advances in the United States by combining data, technology and customer service.

Darrell Esch, vice president of PayPal, posted a message on the company’s website, saying the acquisition is expected to close later in the year.

As PayPal’s own business financing product, PayPal Working Capital has provided access to more than $3 billion in funding to more than 115,000 small businesses since its launch in 2013.

However, according to Esch, it is based exclusively on proprietary insights. And Swift Financial’s technology will allow PayPal to assess “supplemental information to more fully understand the strength of a business.”

Esch noted that the acquisition “will enable us to better serve small businesses by enhancing our underwriting capabilities to provide access to affordable business financing solutions to more businesses to help them grow and thrive.”

Founded in 1998, listed on the Nasdaq Stock Market in 2002 and turned into a wholly owned subsidiary of eBay Inc. in 2015, PayPal operates a payment system that supports online money transfers and serves as an alternative to paper transaction methods like checks and money orders.

Neither PayPal nor Swift Financial disclosed terms of the deal.

—IANS

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Posts

IIM Raipur’s New MBA Batch Begins Its Leadership Journey

IIM Raipur’s New MBA Batch Begins Its Leadership Journey

Raipur, (Press Release)Indian Institute of Management (IIM) Raipur, a leading institution recognized for #BuildingBusinessOwners, hosted the Inauguration and Orientation Program for the MBA Batch 2025–27, marking the beginning of a transformative academic journey...

Hyderabad: A Thriving Hub of Opportunities, Business, and Innovation

Hyderabad: A Thriving Hub of Opportunities, Business, and Innovation

Maeeshat News Network | Hyderabad Hyderabad, the capital city of Telangana, India, has emerged as a dynamic powerhouse of opportunities, business, and innovation over the past few decades. Known historically for its rich cultural heritage, architectural marvels like...

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *