Omer ismail goldman12/12/2023 ![]() ![]() For most of its 150-plus year history, the bank has focused on Wall Street clients and the ultra-wealthy. consumer business.īy gaining data on thousands of Amazon merchants, Goldman can improve its lending models and accelerate its push into Main Street finance. "We're super excited about embarking on this journey with Amazon, and thrilled that they chose to partner with us," said Omer Ismail, head of Goldman's U.S. If sellers consent to it, Goldman will use data on businesses' revenue and tenure on the e-commerce platform to help determine who should be approved, the people said. Now, in a sign of the close relationship between the two companies - Amazon used Goldman bankers for its $13.7 billion takeover of Whole Foods - the tech giant will share merchant data with Goldman, the people said. 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. More than half the goods sold on Amazon are from independent businesses. 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. ![]() Potential borrowers will see the offer on Seller Central, the online hub for Amazon merchants and can apply in a simple two-step process, said the people, who spoke on condition of anonymity because they were not authorized to discuss the partnership publicly. The credit lines will come with a fixed annual interest rate of 6.99% to 20.99% and can be drawn and repaid, like a regular credit card. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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