Amazon sellers will receive invitations to apply for credit lines of up to $1 million from Marcus, with a fixed annual interest rate between 6.99% and 20.99%. Sellers can apply digitally through Amazon's merchant hub, via a two-step, minutes-long process that will give results in real time. For context, Goldman moved into consumer banking in 2016 with the launch of Marcus, which offers a high-yield savings account and personal loans.
of a Goldman partnership date back to February, though the product has reportedly been in development since 2018 and the e-commerce giant had also considered creating an online marketplace of lenders instead. Goldman executives interviewed Amazon sellers to identify what's needed in a financing product, finding that because many are paid biweekly, they're often strapped for cash that they need to fill inventory or to invest in marketing.
Amazon's decision to work solely with Goldman on the lending product will grant Marcus two key growth opportunities: If sellers consent, Goldman will be able to access their merchant data, like revenue and tenure selling on Amazon, which it can use to determine loan approvals. This can ultimately can allow Marcus to improve on its lending model, as the more data it has to work with, the more accurately it can assess prospective borrowers' creditworthiness. Over 1.
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