PayPal to Ex­pand Lend­ing Of­fer­ing With Ac­qui­si­tion

The Economic Times - - Around The World -

New York: Pay­ments firm PayPal Hold­ings Inc has agreed to ac­quire on­line lend­ing com­pany Swift Fi-nan­cial in a bid to ex­pand its busi­ness that pro­vides work­ing cap­i­tal to mer­chants. The ac­qui­si­tion will al­low PayPal to of­fer loans to the larger busi­nesses that process pay­ments through its plat­form and bet­ter pro­vide credit to firms that are not yet users of its ser­vices, the com­pany said on Thurs­day. San Jose, Cal­i­for­nia–based PayPal did not dis­close terms of the deal, which is sub­ject to reg­u­la­tory ap­prov-al. Founded in 2006, Delaware­based Swift Fi­nan­cial ex­tends credit to busi­nesses through loans and ad­vances. Reuters

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