TFC Title Loans

LOS ANGELES, CALIFORNIA, USA, June 19, 2020 /EINPresswire.com/ -- Amazon is introducing a new digital credit line for U.S.-based merchants with partner bank Goldman Sachs. Small business owners who sell items on the e-commerce giant’s platform will soon be receiving targeted invitations from Goldman’s Marcus brand for credit lines of up to $1 million, according to people with knowledge of the project.

The move — the latest high-profile collaboration between the worlds of technology and banking — is the first time Amazon will let a financial institution make underwriting decisions for the hundreds of thousands of sellers on its platform. More than half the goods sold on Amazon are from independent businesses. For the past decade, Amazon has kept a tight rein on its small business lending program, using algorithms and closely guarded sales data to determine who could use a loan.

The move is a coup for Goldman, which is working to expand its ecosystem of partners. Besides offering personal loans and deposits under its Marcus brand, CEO David Solomon said in January that the firm hoped to become a “banking-as-a-service” provider for big corporations. Last year, Goldman helped Apple launch its first iPhone-integrated credit card and followed that with a partnership with JetBlue. The bank also has dealt with Intuit and AARP.

By gaining data on thousands of Amazon merchants, Goldman can improve its lending models and accelerate its push into Main Street finance. For most of its 150-plus year history, the bank has focused on Wall Street clients and the ultra-wealthy. The bank started its Marcus business in 2016 to diversify from the capital markets-heavy businesses that generate most of its revenue.

Alexander Pencer
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