Swift Financial gets infusion from Sutter Hill
Electronic payment and loan provider
» READ MORE: Swift Financial
plans to boost its staff to 125 from the current 62 by the end of this year, says Ed Harycki, the MBNA Corp. veteran who started the Wilmington firm last year.
Swift this week raised $20 million in new funding from
» READ MORE: Sutter Hill Ventures
Palo Alto, Calif.; Village Ventures, Williamstown, Mass.; and former Morgan Stanley Alternative Investment Partners executive Fabio Terlevich’s
» READ MORE: Permit Capital LLC
, of West Conshohocken. Sutter and Village invested another $6.5 million in Swift last year.
“We looked at these guys, and they were saying how small business is not well served by the consolidation of the big banks,’’ said Sutter managing director Tench Coxe. “We were thinking about how you can take the fees out of banking and make the value proposition really simple for small business, now that you can use scanners to deposit checks. So that there’s even less of a need than before for small businesses to go to the bank all the time.”
Swift uses check-readers built by
» READ MORE: Unisys Corp.
of Blue Bell and other companies to help clients move their money electronically. It also has a deal with
, the tech-oriented, Wisconsin-based bank, to set up loans and bank accounts for clients.
“This is not going to bring a big company like BofA another billion dollars of revenue,’’ Coxe said. “But a start-up led by pros like Ed can grow this thing organically for 10 years, with good results.”
























