Amazon Taps JPMorgan-Backed Startup for Loans to Online Sellers
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Amazon:Packages on a conveyor belt at an Amazon fulfillment center in Robbinsville, New Jersey.Amazon.com Inc. is partnering with a JPMorgan Chase & Co.-backed startup to provide financing for small online businesses, many of which need immediate capital to replenish depleted holiday inventories.Slope, a San Francisco-based finance technology firm, will offer pre-screened loans of up to $5 million to merchants that sell on Amazon’s web store, the company announced Tuesday. Amazon gives Slope access to sales data so it can find candidates. Slope often charges about 2.5% on a 60-day loan, which translates to an annualized rate of about 15%.