PayPal to acquire Swift Financial to bolster small business lending

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TechCrunch:

Global payments processing company PayPal announced this morning that it has agreed to acquire Swift Financial, which provides small business owners with working capital. Terms of the deal were not disclosed, but the acquisition will give PayPal better tools to expand its own Working Capital product. For PayPal, the acquisition should bolster a portion of the company’s business that has seen increased competition over the years. It first launched a Working Capital product for businesses back in 2013, and since then has seen competitors like Square and Kabbage emerge as offering their own credit lines to small business customers.

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