Shopify Capital: $1.4B in Business Loans and MCAs in Q1

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shopify glyphShopify’s business loan and merchant cash advance offerings continue to increase. This follows a consistent decade-long rise with no down years. In Q1, the company originated $1.4 billion in business loans and merchant cash advances, up from $821 million YoY. Based on the weight of the respective receivables, the product mix is roughly 82% loan-based and 18% MCA.

Of the loans it originated in 2025 that still have an outstanding balance, 10.8% were more than 6 months behind on their original payment schedule as of March 31, 2026.

Delinquency chart in in the Q1 docs:
shopify capital delinquencies

Last modified: May 5, 2026

Category: Business Lending, merchant cash advance

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