Walmart extends credit to Marketplace sellers
Eligible retailers who participate in Walmart Marketplace will be invited to apply for lines of credit offered by Goldman Sachs.
Initially, approved sellers will have access to lines of credit from the Marcus by Goldman Sachs savings and loan service between $10,000 - $75,000. Walmart says rates are competitive, with the most creditworthy businesses qualifying for the lowest rates. The retailer plans to “substantially” increase the maximum loan limit in the future.
According to Walmart, by offering lines of credit to Marketplace sellers, it hopes to help them move quickly, meet surging customer demand, and innovate. Goldman Sachs is not a stranger to financially backing online commerce, serving as issuing bank for the digitally-oriented Apple Card and also offering lines of credit to third-party Amazon sellers via the Amazon Lending program.
“Walmart.com is increasingly becoming customers’ primary shopping destination, and our expanded Marketplace assortment is a big reason why,” said Jeff Clementz, VP, Walmart Marketplace, in a corporate blog post. “Last quarter, our Marketplace delivered triple-digit growth, and today we’re announcing a new partnership to help our Marketplace sellers grow their businesses.”