Amazon.com, Inc’s (NASDAQ:AMZN) may be taking another step towards completely dominating yet another industry. While many observers have been speculating about exactly when the tech giant will make its move into banking, the company has swooped in with a stealth move to further service the needs of US small businesses.
Bloomberg has the details on a new offering from Amazon.
Amazon.com Inc. is planning to offer a credit card to U.S. small-business customers, furthering its push to supply companies with everything from reams of paper to factory parts, according to people with knowledge of the matter.
The e-commerce giant has been in talks with banks including JPMorgan Chase & Co. on a co-branded credit card for small-business owners who shop on its website, said the people, who asked not to be named discussing private negotiations. An Amazon spokesman declined to comment.
This is just the latest step for Amazon to take as it continues to look for ways to make even more headway with business consumers. Last October, the company introduced a Prime membership program that featured fast delivery for business customers.
A source familiar with the company’s plans notes that the company hopes the move to offer small business credit cards will eventually open a pathway to other offerings such as business insurance.
Amazon.com, Inc. shares rose $13.61 (+0.85%) in premarket trading Tuesday. Year-to-date, AMZN has gained 37.75%, versus a 4.76% rise in the benchmark S&P 500 index during the same period.