SME Times is powered by   
Search News
Just in:   • Opposition walks out as budget presented in Punjab assembly  • Keen to join government national health initiative: J&J Medical India  • Fadnavis 'sold out' Maharashtra's interests on IFSC: Congress  • Apple's Tim Cook urges calm amid US, China trade war fears  • Punjab sets target of 130 lakh tonnes of wheat procurement 
Last updated: 11 Aug, 2017  

Paypal.9.Thmb.jpg PayPal to acquire online lender Swift Financial

   Top Stories
» India committed to help Africa grow: Naidu
» Prabhu chairs round-table of Invest India
» GST results in higher industrial activities, sales: Minister
» Minister urges agribusiness cos to explore more agri-marketing opportunities
» Corporate sector has to reform, perform and transform: Naidu
IANS | 11 Aug, 2017
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.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 24 Mar, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(23)
» Draft agriculture export policy(9)
» RBI ban on LoU to severely impact MSMEs: PPMAI(2)
» Budget boost to MSMEs(1)
» MSME loans: Allahabad Bank's mega camp sanctions Rs 1,003 cr(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter