Online payments giant PayPal wanted to expand its services to include lending capital to its larger merchants, and they found the right company to make it happen: Wilmington’s Swift Financial. PayPal has agreed to acquire the 11-year-old fintech company, Reuters reports.
While San Jose-based PayPal has been providing capital loans to its smaller merchants for several years, the Swift acquisition will allow larger transactions (up to $500,000) more quickly, and less expensively, than going though a traditional financial institution.
— PayPal (@PayPal) August 10, 2017
In March, Swift CTO John Klose was nominated in the Best CTO category at the 2017 NET/WORK Delaware Awards.
According to Reuters, PayPal has not disclosed the terms of the deal, which is subject to regulatory approval.
“Swift’s platform and expertise complement PayPal’s ongoing efforts to make financial services more accessible, fair, and convenient,” Swift founder and CEO Ed Harycki said in a statement sent to Technical.ly. “By joining forces, we’ll accelerate our efforts to provide expedient access to working capital that keeps America’s small businesses moving forward. We look forward to continued growth and success in fulfilling this mission as a part of the PayPal team.”