Alibaba And Lending Club Launch Financing Program For U.S. Businesses

3 Feb

TechCrunch and peer-to-peer financing site Lending Club have inked a strategic partnership designed to get more U.S. businesses to buy inventory from the e-commerce giant’s wholesale marketplace. The two will offer a new financial service called the e-Credit Line that will let U.S. companies apply for credit lines of $5,000 to $300,000 through the site, which they can then use to finance purchases there.

Though Alibaba dominates China’s e-commerce market, holding about 45 percent of the market, its growth stalled last year thanks in part to increasing competition from rivals like Furthermore, Alibaba’s earnings have worried investors since its record-setting IPO in September. Last week, the company disclosed revenue for the quarter ending in December that was below expectations, due in part to ongoing investments in its mobile business.

In order to develop new markets for its e-commerce businesses, Alibaba has taken a two-pronged approach. In…

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