The Swift Financial acquisition means PayPal now has a team in Conshy - Technical.ly Philly

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Aug. 11, 2017 8:52 am

The Swift Financial acquisition means PayPal now has a team in Conshy

Out of Swift's workforce of 260, its Conshohocken office holds 150. Here's why that matters for Philly.

Last quarter PayPal hit $3.1 billion in revenue.

(Video by YouTube user PayPal, used under a Creative Commons license)

PayPal just made a splash in Philly’s suburbs.

Through the impending acquisition of fintech company Swift Financial — headquartered in Wilmington, Del. — the payments giant also nabbed an office in Conshohocken which houses 150 of the company’s 260 staffers. The Philly office comprises technical, sales and shared services employees.

No decision has been finalized with regards to the Swift brand as of yet, but Swift comms lead Kelly Henry said the company is working quickly to integrate Swift Financial’s platform and underwriting into PayPal’s business.

Though no figures from the acquisition have yet been disclosed, the Inky’s Joe DiStefano adds some relevant context:

“People close to the deal said it was profitable for investors, led by Sutter Ventures of Silicon Valley and including Philadelphia-based First Round Capital and others who pumped a total of least $56 million into the company, starting in 2007,” DiStefano writes.

As our sister site Technical.ly Delaware reported Thursday, the Swift acquisition will allow PayPal — which has been offering business loans for years —  to scale up those transactions.

Read the full story

The entrance of the West Coast titan to the Philly area means there’s now a publicly traded, top-tier tech company within an hour of City Hall. Will this mean, like Magento did after acquiring RJMetrics, that they’ll use the space to bring in smaller companies? Will they use the space to tap into Philly’s talent pool at a cheaper sticker price than New York? Will Conshy be yet another East Coast beachhead for PayPal, which has offices in Washington, D.C. and the Baltimore area?

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Or maybe now that PayPal has a presence in town they’ll stick around and see what else is on the market.

P.S. Speaking of suburban tech companies: here are 13 that have already signed up for our NET/WORK Suburbs job fair, happening Sept. 26 at Vanguard’s offices in Malvern, Pa.

Companies: Swift Capital, PayPal
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