Global payments processing company PayPal announced last week that it is to acquire Swift Financial, a company that provides small business owners wit
Global payments processing company PayPal announced last week that it is to acquire Swift Financial, a company that provides small business owners with working capital.
PayPal will use this deal to expand its own Working Capital product, as Tech Crunch (techcrunch.com) reported.
The company reportedly launched a Working Capital product for businesses in 2013, but saw competitors like Square and Kabbage that offered their own services to small business customers. Perhaps, this prompted PayPal to acquire Swift.
“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.”, wrote PayPal’s Darrell Esch as quoted by Tech Crunch.
“Building upon an existing commercial relationship, the acquisition of Swift Financial 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.”, he added.
“At PayPal, we believe that small businesses are the engine of the new global economy, and that small business owners should be able to access the capital they need, when they need it, based on the strength of their business.”, commented Esch in the company`s press release.
“As part of our continued efforts to support the hard work of small business owners and entrepreneurs, I am pleased to announce that PayPal has agreed to acquire Swift Financial, a leading provider of working capital solutions to small businesses in the U.S.”, he said announcing the deal.
The companies expect to complete the acquisition later this year, according to PayPal`s statement.