How big is Global-e's cross-border business and how much of its growth depends on Shopify Managed Markets?
Global-e's gross merchandise value reached $6,569 million in 2025, up from $3,557 million in 2023; the dataset does not split GMV by merchant platform. Updated October 18, 2026.
By Martin DejnickiUpdated Data through 2025
Short answer
Global-e's gross merchandise value (GMV) reached $6,569 million in 2025, up from $4,858 million in 2024 and $3,557 million in 2023, according to its Forms 20-F. Growth was 37% in 2024 and 35% in 2025, computed by Deploi. The dataset does not split GMV by merchant platform, so the Shopify Managed Markets share is not shown.
Global-e's GMV rose from $3,557 million in 2023 to $6,569 million in 2025
Gross merchandise value as Global-e defines it, by fiscal year, USD millions, 2023 to 2025
- GMV is gross merchandise value as Global-e defines it in its Form 20-F.
- Growth of 37% in 2024 and 35% in 2025 is computed by Deploi; Global-e stated 45% growth for 2023.
- Net dollar retention, as defined in the Form 20-F, was 127% in 2023, 119% in 2024 and 122% in 2025; the 2023 figure excludes Borderfree, acquired in 2022, so it is not on the same basis as the later years.
- The dataset does not split GMV by merchant platform, so Managed Markets' share is not shown.
Source: Global-E Online Ltd. Forms 20-F for 2023, 2024 and 2025. Read on .
What this means for your decision
- Judging Global-e's scale before relying on Managed Markets? Global-e's GMV was $6,569 million in 2025, up from $3,557 million in 2023, according to its Forms 20-F. Use it to size Global-e's whole business, not the Managed Markets part of it.
- Asking how much depends on Shopify? The dataset holds no split of GMV by merchant platform, so it cannot show how much of the growth comes through Managed Markets. Do not read Global-e's total growth as Managed Markets growth.
- Reading growth as durability? GMV grew 37% in 2024 and 35% in 2025, computed by Deploi, and net dollar retention was above 100% in each year. Momentum is not a guarantee of terms, pricing or coverage, and net dollar retention is Global-e's own measure, so compare it only across Global-e's years, and note that the 2023 figure excludes Borderfree.
- Checking where you can sell? Country and currency coverage is on the Managed Markets coverage page.
- Planning cross-border selling on Shopify? Deploi builds ecommerce sites. Contact Deploi before you commit to a plan.
How big is Global-e's cross-border business?
Global-e's gross merchandise value was $6,569 million in 2025, $4,858 million in 2024 and $3,557 million in 2023, according to its Forms 20-F. Growth was 37% in 2024 and 35% in 2025, computed by Deploi, after the 45% Global-e stated for 2023. GMV is gross merchandise value as Global-e defines it.
GMV in 2025 was 1.8 times its 2023 level, computed by Deploi. The figures are as Global-e reports them in each year's Form 20-F, in US dollars.
How much of Global-e's growth depends on Shopify Managed Markets?
The dataset cannot say how much of Global-e's growth depends on Shopify Managed Markets, because it holds only Global-e's total GMV from its Forms 20-F, $3,557 million in 2023, $4,858 million in 2024 and $6,569 million in 2025, with no split by merchant platform. Any Managed Markets share quoted elsewhere does not come from this dataset.
The dataset covers Global-e's operating scale from its own filings. It does not measure Shopify's shareholding in Global-e. Country coverage for Managed Markets is on a separate page.
What was Global-e's net dollar retention from 2023 to 2025?
Global-e reported net dollar retention of 127% in 2023, 119% in 2024 and 122% in 2025 in its Forms 20-F, a measure it defines in those filings. All three values are above 100%, and the 2025 value is 3 percentage points above 2024, computed by Deploi. The 2023 figure excludes Borderfree, so it is on a different basis.
Net dollar retention is defined in the Form 20-F, and the dataset records its value for each year, not the formula. Read it as Global-e's own measure and compare it only with Global-e's other years. Global-e says its 2023 figure excludes Borderfree, acquired in 2022, so 2023 is not on the same basis as 2024 and 2025.
How much of Global-e's GMV comes from new merchants?
Global-e reported $403 million of GMV from merchants onboarded in 2023, 11.3% of that year's $3,557 million, computed by Deploi from its Form 20-F for 2023. The dataset holds no new-merchant GMV for 2024 or 2025, so a trend cannot be shown. Global-e stated GMV growth of 45% for 2023.
The share is for one year only. A single year does not show whether new merchants matter more or less than before.
The data
Each chart on this page is drawn from the numbers below. Units are in the column headers.
| Fiscal year | GMV (USD million) | GMV growth, as stated (%) | Net dollar retention (%) | GMV from new merchants (USD million) |
|---|---|---|---|---|
| 2023 | 3,557 | 45 | 127 | 403 |
| 2024 | 4,858 | 36.6 | 119 | Not stated |
| 2025 | 6,569 | 35.2 | 122 | Not stated |
Download Global-e GMV, retention and new-merchant GMV, 2023 to 2025 as CSV · Dataset page
Methodology
Reading the chart: Global-e's GMV rose from $3,557 million in 2023 to $6,569 million in 2025
- GMV is gross merchandise value as Global-e defines it in its Form 20-F.
- Growth of 37% in 2024 and 35% in 2025 is computed by Deploi; Global-e stated 45% growth for 2023.
- Net dollar retention, as defined in the Form 20-F, was 127% in 2023, 119% in 2024 and 122% in 2025; the 2023 figure excludes Borderfree, acquired in 2022, so it is not on the same basis as the later years.
- The dataset does not split GMV by merchant platform, so Managed Markets' share is not shown.
Caveats: Global-e GMV, retention and new-merchant GMV, 2023 to 2025
- The dataset does not split GMV by merchant platform, so the share that comes from Shopify Managed Markets is not shown.
- Stated growth is as Global-e prints it: 45% for 2023 in the fiscal 2023 Form 20-F, and 36.6% for 2024 and 35.2% for 2025 in the fiscal 2025 Form 20-F. Growth on the story page is the later GMV divided by the earlier GMV, minus 1, computed by Deploi.
- Net dollar retention is defined in the Form 20-F; the dataset records its value, not the formula. The Form 20-F says the 2023 figure excludes Borderfree, acquired in 2022, so 2023 is not on the same basis as 2024 and 2025.
- GMV from new merchants is held for 2023 only; empty cells mean the dataset holds no value.
Deploi's charts and compilation are licensed CC BY 4.0. The underlying facts belong to their sources, which are named on every page. How Deploi Shopify Data works.
Sources
Tier A sources are primary documents: filings, official releases and official price pages. How sources are ranked.
- Tier AGlobal-E Online Ltd., Form 20-F for the fiscal year ended December 31, 2023, filed 2024-03-28
Global-E Online Ltd. · HTML · Read on
- Tier AGlobal-E Online Ltd., Form 20-F for the fiscal year ended December 31, 2024, filed 2025-03-27
Global-E Online Ltd. · HTML · Read on
- Tier AGlobal-E Online Ltd., Form 20-F for the fiscal year ended December 31, 2025, filed 2026-03-26
Global-E Online Ltd. · HTML · Read on
Cite and reuse
Deploi's charts and compilation are licensed CC BY 4.0. The underlying facts belong to their sources, which are named on every page.
APA
Deploi. (2026). How big is Global-e's cross-border business and how much of its growth depends on Shopify Managed Markets? [Web page]. https://deploi.ca/shopify/data/global-e-cross-border-scale Retrieved October 18, 2026.
BibTeX
@misc{deploi_global_e_cross_border_scale_2026,
author = {{Deploi}},
title = {How big is Global-e's cross-border business and how much of its growth depends on Shopify Managed Markets?},
year = {2026},
url = {https://deploi.ca/shopify/data/global-e-cross-border-scale},
note = {Accessed 2026-10-18}
}Embed this chart
Embed code
<iframe src="https://deploi.ca/embed/shopify/data/global-e-gmv-by-year" title="Global-e's GMV rose from $3,557 million in 2023 to $6,569 million in 2025" loading="lazy" style="width:100%;height:550px;border:0"></iframe> <p style="font:12px/1.4 Arial,sans-serif;margin:4px 0 0">Source: <a href="https://deploi.ca/shopify/data/global-e-cross-border-scale#chart-global-e-gmv-by-year">Deploi, Global-e's GMV rose from $3,557 million in 2023 to $6,569 million in 2025</a></p>
Keep the credit line under the embed. It is the license condition.
Questions
How big is Global-e?
Global-e's gross merchandise value was $6,569 million in 2025, according to its Form 20-F for 2025, filed March 26, 2026. That is up from $4,858 million in 2024 and $3,557 million in 2023.
How fast is Global-e growing?
Global-e's GMV grew 37% in 2024 and 35% in 2025, computed by Deploi from the GMV in its Forms 20-F. For 2023 Global-e stated growth of 45%. The three annual figures are $3,557 million, $4,858 million and $6,569 million.
What share of Global-e's GMV comes from Shopify merchants?
The dataset does not say. It holds Global-e's total GMV from its Forms 20-F for 2023 to 2025, $6,569 million in 2025, with no split by merchant platform, so no Shopify Managed Markets share can be stated.
Is Global-e's net dollar retention rising?
Global-e's net dollar retention rose 3 percentage points to 122% in 2025, from 119% in 2024, according to its Forms 20-F, with the change computed by Deploi. The 127% for 2023 excludes Borderfree, so it is not on the same basis as the later years.
Is Global-e part of Shopify?
No. Global-E Online Ltd. is a separate company that files Forms 20-F with the SEC. This page reports its operating scale from those filings and does not measure Shopify's stake in it.
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Changes
- · Global-e GMV, retention and new-merchant GMV, 2023 to 2025
First published.