Shopify Capital Originates $837M in Business Loans & MCAs in Q3

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Shopify Capital originated $837 million in business loans and merchant cash advances in Q3, putting the grand total at $2.1B for the first 3 quarters. During the earnings call, Shopify said that loss ratios remained within the consistent range.

Compared to some of their competitors in the online space, Shopify Capital ranks third:

Q3 originations:
Square Loans: $1.38B
Enova: $1B
Shopify Capital: $837M

Last modified: May 8, 2025

Category: Business Lending

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