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

Defaqto: Helping clients ‘make smarter financial decisions’

We look at the life and career of John Milliken, CEO of Defaqto – a company known for issuing star ratings, but with far more going on under the hood…

WorldFirst: Why now is time for SMEs to seek trade in Asia

In this exclusive interview, we speak to VP of Ant Group and WorldFirst CEO Clara Shi, on why now is the time for UK SMEs to trade in new markets

Mastercard webinar: Shaping the Future of Fintech

Mastercard experts, alongside Zolve CEO and Founder Raghu G, discuss the six major fintech trends today in the company’s latest webinar – available now

Embedded finance: Innovating for good

Financial Services (FinServ)

Live today: FinTech LIVE London

Financial Services (FinServ)

Crypto, blockchain and Web3 speakers at FinTech LIVE London

Crypto