Shopify Capital Transitions From MCAs to Loans in Canada

“In 2025, Canada amended regulations that impacted merchant cash advance products,” Shopify said during its Q2 earnings. “As a result, we transitioned our Shopify Capital product in Canada, from merchant cash advances to loans which are accounted for under ASC 310, starting in April 2026.”

For the entirety of the quarter and for all geographic areas, Shopify Capital made $1.4B in loans and MCAs through a bank partnership.