Shopify Capital: Business Loan & MCA Originations Grow, Loss Rates Consistent

Shopify Capital purchased $1B worth of business loans and MCAs in Q2, bringing the total to $1.8B for the first half of 2025.

“Our capital business continues to grow, supported by recent product innovations that enhanced our suite of credit offerings and expanded our geographic reach, including launching Capital in Germany and the Netherlands,” said Shopify CFO Jeff J. Hoffmeister. “We’ve introduced new tools that give merchants more choice in how they manage and select loan options, providing greater flexibility to meet their financing needs. Note that loss rates have remained consistent with prior quarters. This is about the successful, thoughtful expansion of capital.”

The company is on pace to outperform last year’s estimated originations of $3B. The company held ~$1.6B in business loans and MCAs on its balance sheet as of June 30.

Certain loans and merchant cash advances are facilitated by Shopify and originated by a bank partner, from whom Shopify then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount. deBanked is able to estimate originations from these figures.