Amazon.com Invests In Bill Me Later; Online Bill Payment Market Heating Up
Amazon.com announced today that they are investing in Bill Me Later, Inc. Not only that, but Amazon is also signing a agreement with the online billing company as well. eBay and PayPal has thus far proved the synergy of combining an online retailer with an online billing payment company. Over 90% of all eBay auctions are paid via PayPal so it made sense for eBay to buy them for $1.5 billion.
â€œBill Me Later has developed a very customer-centric method to make online shopping even easier,â€ stated Matt Swann, VP of payments at Amazon.com. â€œWe are pleased to make the convenience of Bill Me Later available to our tens of millions of Amazon customers [source: Amazon.com press release].â€
The investment terms were not disclosed, but the company has $200 million in funding capital according to TechCrunch. Bill Me Later investors include Chase Paymentech, Azure Capital Partners, First Data Corp, Crosspoint Venture Partners, GRP Partners, CIT Group Inc., Citigroup Corporate and Investment Banking, Citigroup, Equifax, T. Rowe Price, and Legg Mason Inc.
â€œAmazon.com and Bill Me Later share the same commitment to making shopping easy for consumers,â€ stated Gary Marino, the CEO of Bill Me Later. â€œJust as Amazon invented a new and better way for people to shop online, Bill Me Later has created a new and better way for people to pay for purchases online.â€
Before joining Bill Me Later, Marino was an EVP, Chief Credit Officer, and Chief Marketing Officer of consumer lending at First USA/Bank One.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry