PayPal to acquire online lender Swift Financial

PayPal, one of the world's largest Internet payment companies, said Thursday it would acquire Swift Financial, an online lender for small businesses in the United States.

Headquartered in San Jose, Northern California, PayPal said the move is part of its efforts to support the hard work of small business owners and entrepreneurs.

Swift Financial, headquartered in Wilmington, Delaware, has provided funding to thousands of growing companies in the United States since 2006 through a combination of data, technology, and customer service.

Darrell Esch, vice president of PayPal, posted a message on the company's website, saying the acquisition is expected to close later in the year.