- 1Shopify Capital originated about $1B in Q3, unchanged from Q2.
- 2Nine-month 2025 volume is about $2.8B, against a 2024 total of $3B.
- 3Ireland and Spain were added to the countries it funds in.
Shopify Capital originated about $1 billion in business loans and merchant cash advances in the third quarter, the same as in the prior quarter. Volume for the first nine months of 2025 is around $2.8 billion, which puts the program on track to pass its 2024 total of $3 billion.
The program is not limited to the United States. In Q3 it added Ireland and Spain to the countries where it funds merchants. Volume figures come from a tracking effort covering more than a dozen of the largest online small business lenders since 2014.
How the loans are structured
Shopify's SEC filings say certain loans and MCAs are facilitated by the company and originated by a bank partner, from which Shopify then buys them, obtaining all rights, title and interest, or at a discount. The Q3 report also includes a snapshot of payment status.
Source reporting: deBanked.
