Amazon Uses Its Machine Learning Tools for Lending

When talking about machine learning algorithms, Amazon definitely comes to mind. The e-commerce giant has (arguably) the most sophisticated ML toolset around that is uses for drone deliveries, online tailors, or its AWS offering. Turns out, Amazon's lesser known operation – small business lending – is also powered by machine learning, Bank Innovation has learned. Since the launch of its SME lending program in 2012, the company has issued more than $3 billion in total loans, with more than $1 billion issued in the past 12 months, Amazon announced today. In total, more than 20,000 "invited" businesses received those loans.