Banks Europe

ING provides loans to Amazon sellers

  • Amazon helps sellers to access loans of ING Germany in a convenient application process

  • Small and medium sized businesses gain access to liquidity to help them grow

  • ING Germany opens up new sales channel and lays the foundation for further growth in the customer segment “Business Banking”

ING Germany will provide eligible Amazon sellers with loans of between EUR 10,000 and 750,000 with periods of up to three years. Applications to the program are available to established sellers based in Germany who meet ING’s criteria, for example with regard to their sales history.

“Our goal is to help established sellers grow their business. More than half of the units sold on Amazon worldwide come from independent small and medium-sized businesses, and our success is deeply tied to theirs,” said Felix Kristl, Country Manager Amazon Lending Germany. “With the fresh capital, businesses can for example buy inventory to meet sales demand, fund staffing and operations, and reach more customers. Therefore, we are thrilled to help make ING Germany’s loan offering available to eligible German sellers.”

ING Germany’s loan offering to Amazon sellers opens up a new, digital sales channel for the bank to support the financing of small and medium-sized businesses. Germany’s largest direct bank has been active in commercial financing since 2018 and with this step lays the foundation to grow in the segment “business banking”. In Germany, ING is the first bank to cooperate with Amazon in financing eligible sellers on www.amazon.de.

“ING Germany stands for digital products and services that are simple, transparent and affordable. There is a growing demand from small and medium-sized enterprises for solutions of this kind”, says Nick Jue, CEO ING Germany and Head of Region Germany. “We see great potential in the cooperation with Amazon. We are convinced that our credit offer meets the requirements of Amazon sellers very well,” says Sven Foos, Head of Business Banking ING Germany.

With the program, Amazon acts as a broker and presents loan proposals to eligible sellers in Seller Central, Amazon’s seller portal. Those who are interested are then directed to ING’s website where they can submit a credit application (LINK to be inserted to Amazon Lending Page) to ING.

Author

  • Editorial Director of the The Fintech Times

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