Friday, February 22, 2008

Swift Financial is a direct financial services company dedicated to small- business banking got $20 million

What Company Is Offering:
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.

How Much They Got From VCs:

They have 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 , Village Ventures ,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 VCs:
1.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.

2.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.

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

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