PayPal is Ac­quir­ing Swift Fi­nan­cial to Ex­pand Lend­ing Busi­ness

The DQWeek (Chennai) - - NATION - DQW NEWS BUREAU

PayPal is ac­quir­ing on­line lend­ing com­pany Swift Fi­nan­cial aimed at ex­pand­ing its busi­ness that pro­vides work­ing cap­i­tal to mer­chants. Fi­nan­cial terms of the deal were not dis­closed.

PayPal said the ac­qui­si­tion is to in­crease small busi­ness own­ers ac­cess to cap­i­tal with loans of up to $500,000 and bet­ter pro­vide credit to mer­chants who aren’t yet us­ing its ser­vices. The com­pany launched its first Work­ing Cap­i­tal prod­uct for busi­nesses back in 2013, and since then has seen com­peti­tors like Square and Kab­bage emerge with their own of­fer­ings of credit lines for small busi­ness cus­tomers.

“We know and value Swift’s tech­nol­ogy plat­form and peo­ple, and we be­lieve their tal­ent and ca­pa­bil­i­ties will fur­ther strengthen our over­all mer­chant value propo­si­tion,” PayPal said in a state­ment an­nounc­ing the ac­qui­si­tion. “Build­ing upon an ex­ist­ing com­mer­cial re­la­tion­ship, the ac­qui­si­tion of Swift Fi­nan­cial will en­able us to bet­ter serve small busi­nesses by en­hanc­ing our un­der­writ­ing capa- bil­i­ties to pro­vide ac­cess to af­ford­able busi­ness fi­nanc­ing so­lu­tions to more busi­nesses to help them grow and thrive.”

Swift Fi­nan­cial was founded in 2006 and has since pro­vided fund­ing to more than 20,000 small busi­nesses.

PayPal said the Swift ac­qui­si­tion is ex­pected to close later in the year “sub­ject to cer­tain clos­ing con­di­tions, in­clud­ing the ex­pi­ra­tion or early ter­mi­na­tion of the ap­pli­ca­ble pre-merger wait­ing pe­riod un­der the Hart-Scott-Rodino An­titrust Im­prove­ments Act of 1976.”

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