Swift Financial, a Wilmington, Del.-based direct financial services company focused on small business banking, has raised $20 million in Series B funding. Backers include Sutter Hill Ventures, Village Ventures, Permit Capital and a subsidiary of Marshall & Ilsley Corporation.
Swift Financial ( http://www.swiftfinancial.com ), the direct financial services company dedicated to small business banking, today announced the close of its Series B Preferred Stock financing round of $20 million, bringing the total investment in the company to $26.5 million. Investors included Sutter Hill Ventures ( http://www.shv.com ), Village Ventures ( http://www.villageventures.com ), Permit Capital and a subsidiary of Marshall & Ilsley Corporation.
“We are energized by the confidence shown in Swift Financial by these investors,” says company founder and CEO Ed Harycki. “Their support will enable us to offer small businesses exceptional service and a chance to grow in a challenging credit environment.”
About Sutter Hill Ventures
Sutter Hill Ventures, in Palo Alto, Calif., is a venture capital firm that finances technology-based start-up and early-stage companies pioneering products or services in growth markets, especially those in information technology and health care. Founded in 1964, it is one of Silicon Valley's original venture capital firms. Companies backed by Sutter Hill include: Netapp, Legato, Quantum, Storage Tek, Tellabs, Alteon, Linear Technology, NVIDIA, BroadVision, Vitria, Molecular Devices, Cor Therapeutics, Amylin Pharmaceuticals, Omnicell and eLoyalty.
About Village Ventures
Village Ventures is a seed and early stage venture capital firm focusing on three primary sectors: consumer media and retail, health care and financial services. The Williamstown, Mass., firm's strategy is to partner with leading entrepreneurs creating innovative products and solving complicated problems in those industries.
About Permit Capital
Permit Capital, LLC, is an independent investment firm founded in 2002 in West Conshohocken, PA. The firm invests domestically and internationally in private and public securities.
About Marshall & Ilsley Corporation
Marshall & Ilsley Corporation (NYSE: MI) is a diversified financial services corporation headquartered in Milwaukee, Wis., with $59.8 billion in assets. Founded in 1847, M&I Marshall & Ilsley Bank is the largest Wisconsin- based bank, with 193 offices throughout the state. In addition, M&I has 49 locations throughout Arizona; 32 offices in central Indiana; 31 offices along Florida's west coast and in central Florida; 14 offices in Kansas City and nearby communities; 22 offices in metropolitan Minneapolis/St. Paul, and one in Duluth, Minn.; and one office in Las Vegas, Nev. M&I's Southwest Bank subsidiary has 17 offices in the greater St. Louis area. M&I also provides trust and investment management, equipment leasing, mortgage banking, asset- based lending, financial planning, investments, and insurance services from offices throughout the country and on the Internet ( www.mibank.com or www.micorp.com ). M&I's customer-based approach, internal growth, and strategic acquisitions have made M&I a nationally recognized leader in the financial services industry.
About Swift Financial Corporation
Swift Financial is a direct financial services company dedicated to small- business banking. Headquartered in Wilmington, Del., Swift Financial launched in 2007 and is led by a veteran team of top bank executives who want to provide small businesses with simple banking products without excessive fees and penalties – while providing a level of service not typically associated with small-business banking. Swift Financial is able to make these products available through its relationship with M&I Bank FSB ensuring that customer deposits are FDIC insured. For more information, visit www.swiftfinancial.com .