SellersFi (formerly SellersFunding) is reporting that it has inked a deal to provide credit on the Amazon (NASDAQ:AMZN) marketplace. According to the Fintech, eligible Amazon sellers will be able to tap into a credit line of up to $10 million via Amazon Lending.
Ricardo Pero, co-founder and CEO of SellersFi, says the relationship with Amazon highlights their goa to transforming e-commerce by empowering SMEs to access the financing they need.
SellerFi aims to support smaller firms experiencing challenges in garnering credit. The company points to a data point that indicates 32% of ecommerce startups fail due to lack of financing.
Tai Koottatep, director and general manager, Amazon WW B2B Payments & Lending, said they are committed to providing sellers with flexible and convenient access to capital regardless of their size.
“Working with the Amazon Lending team has been an exceptional experience for SellersFi,” said Leonardo Felisberto, Head of Global Business Development and Partnerships at SellersFi, addking they are hopeful this can be another step toward supporting the growth aspirations of online sellers.
SellersFi currently offers working capital, prepaid debit cards and digital wallets with insurance, business credit and debit, and checking accounts in the pipeline.
Amazon currently partners with firms that offer term loans, lines of credit and merchant cash advances. SellerFi falls under the business line of credit. Interest accrues at a fixed rate on the drawn balance, so sellers pay interest on the funds they are using. This fixed rate is locked in for the life of the line of credit agreement.
