Online payment giant PayPal announced last week that it has acquired working capital solution provider Swift Financial. Financial terms of the deal were not disclosed.
Headquartered in Wilmington, Delaware, Swift Financial was founded in 2006 on a mission to unleash the potential of small businesses by providing them with the working capital they need when traditional banks fall short. The company’s platform rapidly assesses the health of a business, allowing that business to get a decision within minutes, with funding as fast as one business day. Swift Financial combines innovative data analytics with a relationship-focused customer experience to deliver a streamlined funding process and personalized approach. Its Contact Centers have been recognized by J.D. Power for providing an “Outstanding Customer Service Experience” for the Live Phone Channel, and the company has provided more than $1 billion in funding nationwide.
“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,” said Darrell Esch, VP & Commercial Officer of Global Credit at PayPal. “Swift Financial will help accelerate our efforts to democratize financial services by enabling PayPal to further fill the small business funding gap.”