- 1Shopify Capital purchased $1B of loans and MCAs in Q2, for $1.8B in the first half of 2025.
- 2It held about $1.6B on its balance sheet as of June 30.
- 3CFO Jeff Hoffmeister says loss rates are consistent with prior quarters.
Shopify Capital purchased $1 billion worth of business loans and merchant cash advances in the second quarter, bringing the total to $1.8 billion for the first half of 2025. The company is on pace to exceed last year's estimated originations of $3 billion, and held roughly $1.6 billion in business loans and MCAs on its balance sheet as of June 30.
Management commentary
CFO Jeff J. Hoffmeister said the capital business keeps growing, supported by recent product innovations that improved its credit offerings and expanded its geographic reach, including the launch of Capital in Germany and the Netherlands. He said Shopify has introduced tools giving merchants more choice in how they manage and select loan options.
"Note that loss rates have remained consistent with prior quarters," Hoffmeister said, describing the effort as a successful, thoughtful expansion of capital.
How the numbers work
Some loans and MCAs are facilitated by Shopify and originated by a bank partner. Shopify then purchases them, taking all rights, title and interest, or a discount. The industry estimates originations from those purchase figures.
Source reporting: deBanked.
