PayPal Acquires Online Lender Swift Financial

PayPal will offer loans to larger businesses that process payments with its platform and have access to new firms as a result of the acquisition; Swift Financial was founded in 2006 and extends credit with loans and advances; term loans of up to $500,000 will now be available to businesses; Darrel Esch, vice president and commercial officer of global credit at PayPal, stated, “This is an area where customers have been asking for more.”; terms of the deal were not disclosed. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!