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PayPal to expand lending offering with acquisition

Reuters  |  NEW YORK 

By Anna IrreraNEW YORK (Reuters) - Payments firm PayPal Holdings Inc has agreed to acquire online lending company Swift Financial in a bid to expand its business that provides working capital to merchants. The acquisition will allow PayPal to offer loans to the larger businesses that process payments through its platform and better provide credit to firms that are not yet users of its services, the company said on Thursday. San Jose, California-based PayPal did not disclose terms of the deal, which is subject to regulatory approval.Founded in 2006, Delaware-based Swift Financial extends ...

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First Published: Thu, August 10 2017. 18:33 IST