OTTAWA, Ontario--(BUSINESS WIRE)--Shopify Inc. (NYSE:SHOP)(TSX:SH), the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses, today announced Shopify Capital, a merchant cash advance product to help entrepreneurs secure financing and accelerate their business growth.
“For many merchants, securing capital is a frustrating and time-consuming process,” said Saad Atieque, Product Manager at Shopify. “With Shopify Capital, we’re giving entrepreneurs a simple, fast, and convenient way to secure financing to invest in their business. Similar to our payments and shipping solutions, Shopify Capital represents one more way Shopify can help entrepreneurs strengthen their business operations.”
Most entrepreneurs and online businesses have a hard time securing financing through traditional sources. Shopify is able to tailor cash advances to each merchant’s needs, based on data processed through the Shopify platform. Accessing this financing is designed to be as simple as a few clicks, with money in the merchant’s account within a few days of acceptance. Initially, Shopify Capital will be offered to eligible merchants in the United States.
During the pilot program, merchants used Shopify Capital merchant cash advances to buy equipment and inventory, launch new products, hire more employees, and add new channels and products.
“Shopify Capital allowed us to invest in our own company without having to borrow money from friends or raise funds from investors, possibly giving up some equity,” said William Sulinski, Founder of Pistol Lake. “Working with Shopify for our financing needs was a no-brainer because we've trusted them with our business for over three years as our commerce platform -- the core of our business -- and they've been the best partner we could have asked for.”
For more information on Shopify Capital, please visit shopify.com/capital
Shopify is the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. Merchants use the software to design, set up and manage their stores across multiple sales channels, including web, mobile, social media, marketplaces, brick-and-mortar locations and pop-up shops. The platform also provides a merchant with a powerful back-office and a single view of their business. The Shopify platform was engineered for reliability and scale, making enterprise-level technology available to businesses of all sizes. Shopify currently powers over 243,000 businesses in approximately 150 countries and is trusted by big brands including Tesla Motors, Budweiser, Red Bull, the LA Lakers, the New York Stock Exchange, GoldieBlox, and many more.