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09/08/2022Leadership shakeup at Shopify
04/28/2021Shopify Capital Q1 funding soars
04/28/2021Shopify Capital surpasses $2B in funding
05/14/2020Shopify beats TCPA suit
01/15/2020Shopify now doing startup loans


Shopify Funds $507.6M in Q3, Expands MCAs and Loans to Australia

October 27, 2022
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Shopify Capital originated $507.6M in merchant cash advances and loans in Q3, up from $416.4M in Q2. The increase was assisted in part by the company’s expansion into Australia, bringing the total countries that Shopify funds in to four (US, UK, Canada, AUS).

Shopify is the largest e-commerce platform after Amazon but the two companies are in the same ballpark when it comes to lending originations, and Shopify is potentially doing more.

Shopify generated total revenue of $1.4B in Q3.

“In Q3, we delivered another solid quarter of GMV, revenue, and gross profit dollar growth against the high inflationary environment,” said Amy Shapero, Shopify’s CFO. “From an operational perspective, we recalibrated our organizational structure, successfully rolled out a new compensation framework, and began integrating Deliverr into Shopify. Looking ahead, the flexibility of our platform, breadth of solutions, pace of innovation, and disciplined investment approach position Shopify well to realize the enormous opportunity ahead.”

Shopify Capital Originated $416.4M in MCAs and Loans in Q2

July 27, 2022
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shopify glyphShopify Capital originated $416.4M in funding to small businesses in Q2, the company announced. That was spread across the US, Canada, and the UK. The figure represented a large increase over the $346.7M in Q1.

Although its funding business grew, the overall parent company announced that it was laying off 10% of its employees. The CEO explained that this was a correction to its expectations that pandemic-driven e-commerce sales would continue to soar for a long time, but that they have instead slowed.

Shopify Capital Originated $346.7M in Business Funding in Q1

May 8, 2022
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shopify glyphShopify Capital originated $346.7M in MCAs and business loans in Q1, the company announced. That included merchants in the US, UK, and Canada. Though it was a 12% increase over the same period last year, the figure puts them virtually on par with originations in 2021 if the following three quarters hold steady.

Shopify was one of the only online lenders whose origination volume substantially increased during covid. Most experienced significant drops but have since dramatically recovered.

“The hundreds of thousands of businesses that shifted their business to Shopify during the pandemic and stayed with us since can now take advantage of our powerful retail point-of-sale offering for a unified view of their sales online and offline,” said Shopify CEO Harley Finkelstein during the Q1 earnings call. “Shopify has been developing the world’s best point-of-sale retail software for years, and it’s now at the point where all merchants who came to Shopify during the pandemic can leverage it.”

Shopify Capital Originated $324M in Funding in Q4

February 16, 2022
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shopify glyphShopify Capital originated $324M in Q4 2021, bringing the full-year total to $1.39B. That figure represents a massive increase over the company’s previous originations record of $794M in 2020.

During the quarterly earnings call, Shopify CFO Amy Shapero listed Shopify Capital among the divisions that drove revenue growth for the company in 2021.

“As merchants build momentum, inventory and marketing needs to grow alongside it,” said Shopify CEO Harley Finkelstein. “And this is where Shopify Capital comes in, offering merchants the funding they need to expand their business.”

Total originations came in just shy of the numbers that rival OnDeck reported a week earlier. OnDeck originated $1.76B in funding to small businesses in 2021.

Shopify Capital Originated $393.6M in MCAs and Business Loans in Q3

October 28, 2021
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Shopify Capital, the funding arm of e-commerce giant Shopify, originated $393.6M in merchant cash advances and business loans in Q3, the company reported. That’s up from the $363M in the previous quarter.

Covid was a boon to Shopify Capital given its dependence on e-commerce businesses. Its 2020 funding volume was almost double that of 2019.

“Shopify Capital has grown to approximately $2.7 billion in cumulative capital funded since its launch in April 2016,” the company announced. The large volume and continued success has landed the Shopify Capital division in the company’s “core” bucket of “near-term initiatives” that will build the company for the long term, according to a presentation accompanying Q3 earnings.

Slide #22 of their Q3 presentation

shopify capital

Shopify Capital Originated $363M in MCAs and Business Loans in Q2

August 4, 2021
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shopify glyphShopify Capital originated $363M between merchant cash advance and business loans in Q2, bringing the first half total to $671.6M.

“Not only does Shopify Capital help fuel our merchants’ growth,” said Shopify President Harley Finkelstein in the quarterly earnings call, “our data tells us that merchants that accept Capital stay with Shopify longer as they succeed on the platform and take more of Shopify’s other solutions, namely Shopify shipping, apps, themes and domains and maybe most importantly, extending capital when their business needs it, reinforces the trusted relationship that we have with our merchants, one that goes beyond what they have with their bank or any other vendor. When we talk about Shopify’s flywheel, this is exactly what we mean.”

Shopify Capital is in the same league as rivals Square and Enova in terms of small business financing volume. Square Loans originated $1B for the first half, for example, while Enova has originated $722M.

Shopify Capital Q1 SMB Funding Soars

April 28, 2021
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shopify glyphShopify 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.

Shopify Originated $226.9M in MCAs and Business Loans in Q4, Close to $800M For the Year

February 17, 2021
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shopify glyphShopify released its 2020 fourth-quarter earnings on Wednesday, revealing its financial arm’s latest stats. Shopify Capital originated $226.9 million in merchant cash advances and loans to businesses in the U.S., Canada, and the U.K.

That is a posted increase of 96% over the same quarter in 2019 but was down 10% from q3. The full year 2020 originations of $794M were nearly double the $430M in 2019.

“Products like Shopify Capital are increasingly sought out by entrepreneurs and small businesses that face unnecessary barriers to access from traditional banks,” Shopify President Harley Finkelstein said in the quarterly earnings call. “Merchant empathy runs deep at Shopify. When traditional businesses were turned away, for the perceived high risk, we financed a record number of merchants when they needed it most.”

“We also introduced Shopify Capital to Canada and to the U.K. in 2020,” Finkelstein said. “To expand where we could help merchants.”

Shopify Capital still lagged behind rival OnDeck in origination volume, who reported a little over $1B in originations for the year.

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