The news: Amazon added JPMorgan Chase, Santander, and Wells Fargo as financing partners for used vehicles on Amazon Auto, per Automotive News. Those banks now offer auto loans through the platform, which lets buyers apply for auto loans via Amazon in cities where sellers list used vehicles.

How we got here: Amazon works with a number of banks to offer customers financial products and services.

• JPMorgan Chase and Synchrony Bank are issuers for its Prime Visa and Prime Store Card, respectively. And Green Dot Bank issues its Amazon Flex debit card.
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• Affirm supports buy now, pay later payments on Amazon.com.
• The Amazon Lending Marketplace offers loans issued by WebBank via QuickBooks Capital and Celtic Bank via Pararafin.

What it matters: Amazon is keeping up with the pack: Many infrastructure providers and other marketplaces have embedded finance partnerships. For example:

• Stripe Financial Accounts (formerly known as Stripe Treasury) lets Stripe customers offer financial products and services directly to their own customers, including deposit accounts, card issuance, and payment processing.
• Shopify Balance is a bank account built on top of Stripe Financial Accounts and offered directly to Shopify’s merchant customers. Evolve Bank & Trust and Fifth Third Bank are among the program’s partner banks.

Our take: The latest Amazon Auto partnerships illustrate embedded finance’s ascendancy into the mainstream. Megabanks and large regional banks will continue to participate in dedicated embedded finance partnerships, particularly with partners that need scale—demonstrating the maturity of a business model that 10 years ago didn’t even have a name.