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

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