Notebookcheck

PayPal buys Swift Financial

PayPal corporate HQ, Swift Financial joins PayPal
PayPal corporate HQ
The goal of this new corporate acquisition is to help increase small business owners access to capital and better provide credit to merchants who are not using PayPal's services yet.

Working For Notebookcheck

Are you a loyal reader of notebookcheck? Are you a techie who knows how to write? Then join our Team!

Especially wanted: 
Review Editor - 
Details here
News Editor - Details here

 

 

 

 

Starting in 2013, PayPal's Working Capital unit made over US$3 billion of loans to 115,000 small businesses. These loans had values up to US$125,000 each and soon, thanks to the acquisition of Swift Financial, this limit will go up to US$500,000.

A statement by PayPal reveals that "Swift’s technology will allow us to assess supplemental information to more fully understand the strength of a business and provide access to complementary financing products to meet the needs of small and mid-sized businesses."

As it usually happens with such deals, the financial terms have not been disclosed. What we know is that the acquisition is subject to certain closing conditions and, if everything goes well, it should close later this year.

Swift Financial was established back in 2006 and is headquartered in Wilmington, Delaware. The company has provided funding to thousands of emerging companies in the US and has been recognized for excellence by J.D. Power.

Source(s)

static version load dynamic
Loading Comments
Comment this article
Please share our article, every link counts!
> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2017 08 > PayPal buys Swift Financial
Codrut Nistor, 2017-08-10 (Update: 2017-08-10)
Codrut Nistor
Codrut Nistor - News Editor
Although I have been writing about new software and hardware for almost a decade, I consider myself to be old school. I always enjoy listening to music on CD or tape instead of digital files and I will not even get into the touchscreen vs physical keys debate. However, I also enjoy new technology, as I now have the chance to take a look at the future every day. I joined the Notebookcheck crew back in 2013 and I have no plans to leave the ship anytime soon.