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PayPal to Acquire Swift Financial
PayPal has agreed to acquire Swift Financial, a leading provider of working capital solutions to small businesses in the U.S. Headquartered in Wilmington, Del., Swift Financial was established in 2006 to provide funding in order to support businesses. Since then, Swift has provided funding to thousands of growing companies in the U.S. through a...
Online Lenders Are Innovating With Purchasing Cards
Remaining competitive in an ever-growing marketplace can be a challenge for lenders. Experts say, cost of funds remains high from upmarket lenders and margins are thinning by the day. Yet consumers and small business borrowers are demanding faster underwriting and quicker speed to funding, and investors continue to demand record-breaking quarterly...
National Australia Bank Builds SME Lending Features
The National Australia Bank (NAB) is looking to build business outside of home loans, mostly in SME lending. A recent report in The Australian revealed news that the NAB is adding new features to its small business lending unit, QuickBiz, in an effort to build market share. According to reports, NAB is rolling out an extension of the online...
Member News: Strands Expands in the United States with Huntington Bank on Board
Having collaborated on 600 product implementations with banks in some 36 countries to date, Strands’ rapid global expansion has now grown to incorporate an ambitious venture with U.S.-based bank, Huntington National Bank, reaffirming its presence in the North American market with the only fully-customizable digital money management solution in the...
How Financial Institutions, Fintechs Partnerships Aid in Inclusion
A variety of resources regarding financial institutions’ partnerships with fintech are included in this joint report from the Center for Financial Inclusion at Accion and the Institute of International Finance. The researchers provide a look at how Destacame’s alternative credit scoring is enabling BBVA Bancomer to reach underserved customers...
Kenya’s biggest bank by customer numbers, Equity Bank, has closed 11 ATM lobbies, each of which had multiple cash dispensing machines. This is the lender’s effort to shift customers to alternative channels such as agency and mobile banking in a fresh cost-cutting strategy. Equity’s chief executive James Mwangi said ATMs require upfront capital...
Xero Goes Live with Capital One Credit Card Feed
Capital One, a major U.S. bank has partnered with Xero’s cloud accounting platform. The deal to allow Capital One’s credit card feed was signed in May, and went live last week. The goal for the partnership is to expand Xero’s presence with smaller banks and penetrate the smaller local markets, according to Ryan Himmel, financial partnerships lead...
How Financial Institutions and Fintechs Are Partnering for Inclusion: Lessons from the Frontlines
A joint report from the Center for Financial Inclusion at Accion and the Institute of International Finance provides insight from SME Finance Forum members and friends, including MasterCard, ICICI Bank, Bancolombia, and BBVA Bancomer. This publication explores why financial institutions partner with fintechs to pursue financial inclusion, banks,...
Member News: Ripple Unveils Expanded Suite of Offerings
SME Finance Forum member Ripple has unveiled a new name for its global payments network and new solutions. RippleNet, the global payments network, has more than 90 customers and is undergoing more than 75 commercial deployments. The network’s digital asset, XRP, was listed by five new exchanges in the second quarter of this year, which resulted in...
Democratizing Globalization: How Small Businesses across America
PayPal conducted research in hopes give more small businesses to digital finance and inspire both owners and policymakers in supporting growth for SMEs in the U.S. This research found that SMEs PayPal users grew from 2015-2016 by 22.9 percent. Of these, less than five percent export. Women-owned small businesses grew and export at about 72 percent...