Amazon is rolling out its first buy now, pay later checkout option for the millions of small business owners that use its online store, CNBC learned exclusively.
The tech giant plans to announce Thursday that its partnership with Affirm is expanding to include Amazon Business, the e-commerce platform for companies. The move is a boost in a crucial relationship for Affirm, which has had to search for revenue growth after demand for expensive Peloton bikes collapsed.is unveiling its first buy now, pay later checkout option for the millions of small business owners that use its online store, CNBC learned exclusively.The service, with loans ranging from $100 to $20,000, will be available to all eligible customers by Black Friday, or Nov. 24.
The move is a boost in a crucial relationship for Affirm, which has had to search for revenue growth afterAffirm decided to target sole proprietors first because they make up most small businesses in the country, with 28 million registered in the U.S., according to Pommen. "We'll see how the product performs and if it makes sense to expand it to a wider universe of businesses," he said. "Our assessment is that we can underwrite this very successfully and have the strong performance that we need."
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