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CNBC: BofA, Amazon in merchant lending partnership


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CNBC: BofA, Amazon in merchant lending partnership Inc.'s push into merchant lending includes a confidential partnership with Bank of America Merrill Lynch, CNBC reported Feb. 14, citing "people familiar with the matter."

Amazon Lending is an invitation-only program made available to certain sellers on the Amazon platform. Annual rates are said to be from 6% to 14%, according to CNBC. The initiative reportedly came under review in 2017, as the company reassessed credit risk exposure. And though the team then scaled back on customer outreach, it has more recently come out with its first promotional newsletter.

CNBC's sources further disclosed that BofA was the lender behind a $500 million revolving credit facility in October 2016. That facility was later increased to $600 million.

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corp.