Paypal Acquires Conshohocken’s Swift Financial

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Online payment giant PayPal has entered into an agreement to buy Conshohocken’s small-business lender, Swift Financial.

Online payment giant PayPal has entered into an agreement to buy Swift Financial, a small-business lender with operations in Conshohocken, writes Joseph N. DiStefano for Philly.com.

According to Swift’s founder Ed Harycki, he and his board of investors decided to accept the PayPal deal over another offer from a rival venture capital firm that would have kept Swift independent longer. The terms of the deal have not been disclosed.

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Harycki said that belonging to a fintech company such as PayPal at a time when financial technology is booming will be great for the firm’s staff. He added that both himself and his team plan to stay on with PayPal.

The company currently employs around 125 people at its headquarters and operations center in Wilmington, as well as around 135 at its office in Conshohocken. It has already lent over $1.5 billion to around 20,000 borrowers.

The Swift team will join PayPal’s Business Financing Solutions team and will report to Darrell Esch, Global Credit’s commercial officer.

“We know and value Swift’s technology platform and people, and we believe their talent and capabilities will further strengthen our overall merchant value proposition,” said Esch. It “will enable us to better serve small businesses by enhancing our underwriting capabilities.”

Read more about Swift Financial at Philly.com by clicking here.

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Top photo credit: Monito – Money Transfer Comparison PayPal Balance on your mobile via photopin (license)

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