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PayPal to acquire Swift Financial to expand SMEs loan programme

PayPal has agreed to acquire Swift Financial for an undisclosed amount to expand its Working Capital product.

Swift Financial provides small business owners with working capital, a segment in which the payment processing company is also interested in. The acquisition will give PayPal the tools to boost its own small business loans programme.

PayPal will upgrade its underwriting capabilities in order to better assess the credit worthiness of applicants, allowing the company to expand the amount of capital it can loan.

Established in 2016, Swift Financial has provided funding to thousands of small businesses in the US through a combination of data analytics and a detailed underwriting process. PayPal has launched its Working Capital programme in 2013 and since then, provided USD 3 billion in funding to more than 115,000 small businesses.