Shopify Capital Q1 SMB Funding Soars
Shopify Capital posted monster figures on Wednesday, originating $308.6 million total in MCA and loans. Across the US, Canada, and the UK, Shopify saw a 90% increase from Q1 last year.
In total, Shopify Capital originated $794 million in 2020, and with a blistering first quarter, it may be on track to originate over a billion dollars this year.
“Shopify’s momentum continued into 2021 as digital commerce tailwinds remained strong and merchants took advantage of the range of capabilities offered by our platform,” Shopify CFO Amy Shapero said in an earnings statement. “We are focused on building a commerce operating system that will help shape the future of retail. Our merchant-first business model positions us to capture the massive opportunity presented by the growth of digital commerce, benefiting both our merchants and Shopify.”
Overall, total revenue for Q1 was $988.6 million, a 110% increase year over year. Nearly a third of the posted revenue was small business lending and MCA funding.Last modified: April 28, 2021
Kevin Travers was a Reporter at deBanked.