Slope, a San Francisco-based financial technology company backed by JPMorgan Chase and Co. and OpenAI CEO Sam Altman, told CNBC on Tuesday that it is teaming up with Amazon.com Inc. to allow the latter's sellers to use a reusable line of credit.
With this, Amazon sellers in the United States will be able to apply for and access capital directly from their accounts with approvals in real time. To be eligible, vendors will have to have been operating for at least one year, and their annual revenue has to be over $100,000.
Slope co-founder Alice Deng stated that independent sellers are the "backbone of Amazon and e-commerce in general," adding that more than 60% of the tech giant's sales are generated by them. An Amazon spokesperson welcomed the partnership, mentioning that Amazon selling partners' financing tools will expand.
https://breakingthenews.net/Article/JPMorgan-backed-startup-partners-with-Amazon/65360710
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