- 1Q1 originations hit $1.4B versus $821M a year earlier.
- 2Mix is about 82% loan-based and 18% MCA by receivable weight.
- 310.8% of outstanding 2025 loans were 6+ months behind as of March 31, 2026.
Shopify's business loan and merchant cash advance offerings keep growing. In the first quarter, the company originated $1.4 billion in business loans and MCAs, up from $821 million a year earlier.
Product mix and trend
Weighted by receivables, the mix is roughly 82% loan-based and 18% MCA. The growth follows a consistent decade-long rise with no down years.
Credit performance
Shopify's Q1 documents also include delinquency data. Of the loans originated in 2025 that still carry an outstanding balance, 10.8% were more than six months behind their original payment schedule as of March 31, 2026. The company included a delinquency chart in its Q1 materials.
The figures pair a sharp year-over-year volume increase with a measure of how seasoned 2025 loans are performing, which is the more closely watched indicator for platform lenders scaling quickly.
Source reporting: deBanked.
