PayPal hits milestone of $10bn in SMB loans

By Olivia Minnock
Payment solutions giant PayPal has also made a name for itself in the loans and credit industry, and offers loans to small businesses around the world...

Payment solutions giant PayPal has also made a name for itself in the loans and credit industry, and offers loans to small businesses around the world.

Now, the company has announced it has lent more than $10bn to businesses. Since 2014, the technology giant has lent to 225,000 small businesses across the US as well as the UK, Australia, Germany and Mexico (the latter through a partnership program).

SEE ALSO:

 

Darrell Esch, Vice President of Global Credit, PayPal, commented according to Forbes: “It took PayPal 23 months to get to the first $1bn in lending and now we’re hitting more than $1bn per quarter. Demand has never been in shortage.”

He added that since the global financial crisis beginning in 2008, larger banks have pulled back on lending and the environment still remains tough for smaller businesses to get loans. This has created a gap in the market for PayPal, as well as challenger banks such as OakNorth.

PayPal currently provides loans of between $1,000 and $500,000 to businesses.

Share

Featured Articles

UBS agrees to rescue troubled Swiss bank Credit Suisse

UBS has agreed to rescue its troubled Swiss banking peer Credit Suisse, a move that has been welcomed by the Swiss National Bank and ECB alike

Credit Suisse gets $50bn emergency finance from central bank

Credit Suisse has secured US$50bn in emergency financing from the country's central bank, Swiss National Bank, as fears over its liquidity persist

Regulators race to salvage collapsed Silicon Valley Bank

The race is on to rescue parts of the collapsed Silicon Valley Bank; a deal has been agreed in the UK but US regulators are scrambling to find a buyer

Stripe's UK Head of Engineering talks 'women in fintech'

Digital Payments

Investors poised for action as President Xi set to open NCP

Venture Capital

Meet the CEO: SCRYPT's Norman Wooding talks trust in DeFi

Crypto