Ottawa, Canada - September 20, 2016 - Shopify Inc.(NYSE:SHOP)(TSX:SH), the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses, today announced that it has entered an agreement with Export Development Canada (“EDC”) to insure merchant cash advances offered by Shopify Capital.
“Our partnership with EDC supports the continued growth of Shopify Capital,” stated Brett O’Grady, Head of Treasury and Risk for Shopify.
“Shopify is a dynamic, globally minded Canadian exporter and a national tech champion,” said Stephen Callaghan, Regional Vice-President, Ontario, Export Development Canada. “Shopify’s innovative services and products make it easier for small Canadian businesses to engage in trade and manage their cash flows.”
Shopify Capital was launched earlier this year to help entrepreneurs secure financing and accelerate their business growth. Many entrepreneurs and online businesses have a hard time securing financing through traditional sources. Shopify is able to tailor cash advances to a 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. As of June 30, Shopify Capital has advanced over $5 million to participating merchants since the program’s inception. 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 merchants 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 300,000 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.
EDC is Canada’s trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private- and public-sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment. For more information about EDC, visit www.edc.ca.