Amazon India launches Lender Central
today Jun 14, 2018
Amazon India is launching a marketplace for lenders called Lender Central to allow the platform’s sellers to shop around for competitive loan offers and rates.
Amazon has set up Lender Central in India, a global first for the business. Amazon India’s sellers will be able to access the marketplace which is made up of loan offers through their pre-existing seller portal on Amazon. The lenders have been given their own platform, Lender Central, to which they can share seller information and updates on a real time basis.
So far, Amazon has six lenders on its lending platform: Capital First, Capital Float, Bank of Baroda, Aditya Birla Finance, and Yes Bank. Amazon India now has a seller base of over three lakh sellers and so Lender Central will allow lenders to reach a large audience.
Amazon forayed into the world of loans for the first time in 2016 but only offered one specific loan to sellers from lenders. The new platform will allow sellers more choice and they have the power to shop around for deals.
As part of its deal with lenders on the platform, Amazon will also open its Application Programming Interface (API) to them to plug in and lend to the sellers. This will make up the “seller lending network”. The move marks Amazon India’s increased focus on finance which may prove to be vital as it continues to vie for the top spot in the Indian online market, battling its main rival Flipkart.
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