PayPal has agreed to acquire Swift Financial, a Wilmington, Delaware-based provider of working capital solutions to small businesses in the U.S.
The amount of the deal was not disclosed. The acquisition is expected to close later in the year, subject to certain closing conditions, including the expiration or early termination of the applicable pre-merger waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Established in 2006, Swift Financial has provided funding to thousands of growing companies in the U.S. through a combination of data, technology, and customer service. Building upon an existing commercial relationship, the acquisition of Swift Financial will enable PayPal to better serve small businesses by enhancing its underwriting capabilities to provide access to affordable business financing solutions to more businesses to help them grow. Swift’s technology will allow the company 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.
With these capabilities, Swift Financial will enable PayPal to further fill the small business funding gap.
Launched in 2013, PayPal Working Capital is a business financing product that has provided access to more than $3 billion in funding to more than 115,000 small businesses.