Odds and Ends 

PayPal to acquire Swift Financial to bolster small business lending

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 companys 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 Kabbageemerge as offering…

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Odds and Ends 

PayPal growing faster than expected

Payments giant PayPal is growing faster than what analysts were expecting, according to the latest numbers. For the second quarter of 2017, PayPal brought in $3.14 billion in revenue, when analysts were expecting $3.09 billion. This is up 18.3 percent from last year. Adjusting earnings per share (excluding one-time expenses) also beat Wall Streets predictions, at 46 cents, instead of 43 cents. Shares were up more than 1 percent in initial after-hours trading. They closed Wednesday at $58.79. The company also raised earnings guidance for the year, meaning the company…

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Odds and Ends 

Mobile savings and investment service Acorns is on track to do 1 billion trades in 2017

Acorns is quickly turning into an oak tree in the financial services space. The company now boasts more than 2 million investment accounts (with 600,000 opened in 2017 alone) and is on track to do 1 billion trades in 2017 through the proprietary broker-dealer that it created. Those are hefty numbers to post for any financial services company, especially considering that Fidelity (one of the nations largest money managers) will do approximately 60 million trades over the same period. However, those numbers also arent directly comparable. Acorns relies on micro-transactions,…

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Odds and Ends 

LendUp gets strategic investment from PayPal and adds to its executive team

LendUp has built business providing personal loans to customers that traditional financial institutions wouldnt touch. As it looks to expand intocredit cardsand other services, the company has raised some strategic funding from PayPal and also has expanded its executive ranks. LendUp wants to provide better financial products for the people who most need them, serving a demographic that most banks ignore, or worse, charge exorbitant fees to use their services. Its a group the LendUp team likes to call the emerging middle class, and the company hopes to give them…

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