Amazon Continues its Push Into Financial Services

Even though it does have a lending operation Amazon did not take part in the Paycheck Protection Program directly; but their AWS division did help the SBA develop a new portal that could push through millions of loans from banks and fintechs; Amazon has 1.7 million small business merchants all over the world that sells products through its online store and the company made over $1 billion in loans available to these merchants in 2019; their partnership with Goldman Sachs announced last month will extend their lending capability; while it has no interest in building a next-generation bank it is clear that the company will continue to add financial services to support its merchants and the end consumer. The Financial Brand.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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