With travel spending still largely sidelined by the coronavirus pandemic, Amazon is looking to harness more of the spending that small and medium-sized businesses are focused on for recovery.
In the U.K., Amazon is launching two co-branded American Express business credit cards. The cards, which offer a choice of cashback or deferred payment terms, are designed to address the short-term financing needs of British SMEs.
The Amazon Business B2B marketplace has been Amazon’s fastest growing unit, growing even faster than Amazon Web Services, according to a December 2019 report by Mark Mahaney, RBC Capital Markets’ managing director. Mahaney estimated that Amazon Business’s global gross revenues rose to $16 billion in 2019 from $10 billion in 2018.
Pre-COVID-19, the SME segment was one of Amex’s fastest growing businesses internationally, with the lead markets of the U.K., Mexico, Canada, Australia and Japan all expanding at high double digits, according to Amex U.K.