- 1Shopify Capital originated $4.2B in 2025, $1.2B more than the prior year
- 291.9% of deals were current as of Dec. 31, 2025, versus 93.7% a year earlier
- 3Product is offered in 8 countries, only to Shopify merchants
Shopify disclosed its full-year 2025 originations for merchant cash advances and business loans: $4.2 billion, which is $1.2 billion more than the year before.
Performance
As of December 31, 2025, 91.9% of those deals were considered current. That is down slightly from the prior year, when 93.7% of deals were current at year-end.
Context
Shopify Capital offers funding in eight countries. It is a value-add to Shopify's e-commerce platform and is available only to merchants who use it. In origination volume, it sits in the same league as Square Loans and Enova.
Source reporting: deBanked.
