Amazon is “significantly expanding” its partnership with payments fintech Stripe.
The two companies have been working together since 2017, but the new global deal will “deepen” their partnership, the companies said. Stripe will become Amazon’s strategic payments partner in the US, Europe, and Canada, processing the majority of payment volumes across businesses including Prime, Audible, Kindle, and Amazon Pay.
The mutual agreement will also allow Stripe to leverage more of Amazon Web Services (AWS), the e-commerce giant’s cloud infrastructure platform, to run and grow its business. Stripe’s reliance on AWS has allowed it to scale and support millions of online businesses already, but fintech has grown to rely on AWS, including Graviton, which is used for data processing efficiency and performance. will take advantage of its growing set of services.
Partnering with Amazon is the ‘best way’
Max Bardon, VP of Payments at Amazon, said: In particular, we appreciate Stripe’s reliability. Even during peak times like Prime Day, Black Friday, and Cyber Monday, Stripe delivers industry-leading uptime. Thanks to Stripe for his relentless commitment to putting users first. ”
Stripe Chief Technology Officer David Singleton added: AWS is your first choice. With this platform, Stripe gives developers a lot of leverage and extends it to their users’ services. As we look to the next decade, it’s clear that the best way forward for Stripe and our users is to work more closely with Amazon. ”
Finally, AWS CEO Adam Selipsky said: By expanding our partnership, we are honored to support Stripe’s continued global growth over the next few years. ”
Partnering with industry heavyweights is nothing new for Stripe. in July last year, Stripe announces partnership with Revolut We support the global expansion of companies.