On August 10th we announced our intent to acquire Swift Financial, a leading provider of working capital solutions to small businesses in the U.S. Today, I am pleased to report that the acquisition is complete and we are welcoming the Swift team to the PayPal family.
 
The acquisition will expand PayPal’s ability to provide access to business financing options to the millions of small business owners who rely on PayPal and our partner platforms to run their businesses. As we’ve said before, increasing access to capital is vital to the success of small businesses and is a strategic offering for PayPal, which drives merchants' sales growth, increases processing volume, and reduces merchant churn.
 
The Swift team will join PayPal’s Business Financing Solutions unit, reporting to me. Over the course of the next year, we plan to fully integrate Swift into PayPal.
 
We look forward to working with our new colleagues to help fuel the dreams of small business owners across the U.S. Welcome to PayPal, Swift Financial team and customers.