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How big is Shopify Capital, and how fast is it growing?

Shopify Capital purchased $4.2 billion of merchant cash advances and loans in 2025, up from $3.0 billion in 2024, according to Shopify's Form 10-K. Updated October 18, 2026.

By Martin DejnickiUpdated Data through 2025

Short answer

Shopify Capital purchased $4.2 billion of merchant cash advances and loans in 2025, up about 40% from $3.0 billion in 2024, according to Shopify's Form 10-K filed February 11, 2026, which rounds both figures to a tenth of a billion. The year-end receivable reached $1,784 million, and Deploi computes an implied yield of 17.2% on interest and fee income of $258 million. The yield is indicative and is not an APR.

Shopify Capital's receivables reached $1,784 million at the end of 2025, up from $580 million in 2022

Loans and merchant cash advances receivable, net, current, at year end, USD millions, 2022 to 2025

Shopify Capital by year, USD millions: Interest and fee income

Interest and fee income on Capital loans and advances was $258 million in 2025, up from $147 million in 2023; the dataset holds no 2022 figure.

Showing: Measure: Interest and fee income. Reset

Measure

Shopify Capital in 2025, by measure

Receivables
$1,784MNet loans and merchant cash advances receivable reached $1,784 million at the end of 2025, up from $580 million at the end of 2022.
Advances purchased
$4,200MShopify purchased $4,200 million of merchant cash advances and loans in 2025, up from $512 million in 2022; the 10-K rounds 2024 and 2025 to a tenth of a billion.
Interest and fee income
$258MInterest and fee income on Capital loans and advances was $258 million in 2025, up from $147 million in 2023; the dataset holds no 2022 figure.

  • Net loans and merchant cash advances receivable at year end, as Shopify reports them; Shopify reports the whole net balance as a current asset.
  • Implied yield in the data table is interest and fee income over the average of opening and closing receivables, computed by Deploi; it is indicative only and not an APR.

Source: Shopify Inc. Form 10-K for 2024 and 2025, audited financial statements for 2022 and 2023 filed with Form 40-F, and SEC EDGAR XBRL data. Read on .

What this means for your decision

  • Comparing a Capital offer with a bank loan? Put the total repayment and term of your own Capital offer beside a written bank quote for the same amount and period. The 17.2% implied yield for 2025 is computed by Deploi across Shopify's whole book; it is not an APR and not the price of any offer.
  • Judging how fast Capital is growing? Use purchases, the loans and merchant cash advances Shopify buys from its bank partner: $4.2 billion in 2025, about 8.2 times the $512 million of 2022, computed by Deploi from Shopify's filings. Do not project that multiple forward; growth slowed from about 53% in 2024 to about 40% in 2025, rates that rest on purchases rounded to a tenth of a billion.
  • Reading the falling yield as cheaper credit? The data cannot show that. The implied yield fell from 21.1% in 2023 to 17.2% in 2025 as the year-end receivable grew faster than income, 46% against 26% in 2025, and the dataset holds no merchant pricing.
  • Sizing the Capital book? The $1,784 million at the end of 2025 is the whole net balance, which Shopify reports as a current asset; the $4.2 billion of purchases is the flow over the year. Quote the balance as a year-end figure and purchases as the year's total; they measure different things.

How large is the Shopify Capital receivable?

Shopify Capital's net current loans and merchant cash advances receivable reached $1,784 million at year end 2025, up from $1,224 million in 2024, $816 million in 2023 and $580 million in 2022, according to Shopify's Form 10-K filings and audited statements. Shopify reports the whole net balance as a current asset.

Choose a measure to see Shopify Capital's receivable, the advances and loans it purchased, or its interest and fee income, by year. The receivable is what merchants still owe on advances and loans Shopify has purchased, net, as Shopify reports it at year end. Computed by Deploi from the year-end figures, the balance grew 41% in 2023, 50% in 2024 and 46% in 2025.

How much does Shopify Capital fund each year?

Shopify Capital purchased $4.2 billion of merchant cash advances and loans in 2025, compared with $3.0 billion in 2024, $1,966 million in 2023 and $512 million in 2022, according to Shopify's annual filings. The 2025 total is about 8.2 times the 2022 total, a ratio computed by Deploi.

Purchases are a flow during the year, while the receivable is a stock at year end. In 2025 purchases were $4.2 billion and the year-end balance $1,784 million. Purchases grew about 53% in 2024 and 40% in 2025, computed by Deploi. Shopify's Form 10-K filings round the 2024 and 2025 purchases to a tenth of a billion, so these rates are approximate.

How much income does Shopify Capital earn?

Shopify reported $258 million of interest and fee income on Capital loans and advances in 2025, up from $205 million in 2024 and $147 million in 2023, according to its Form 10-K filings. The dataset holds no income figure for 2022. Income grew 26% in 2025, computed by Deploi, against 46% growth in the year-end receivable.

Income grew 39% in 2024, computed by Deploi. The 2022 income figure is not in the data this page uses, so no 2022 yield is shown.

What is Shopify Capital's implied yield?

Shopify Capital's implied yield was 17.2% in 2025, down from 20.1% in 2024 and 21.1% in 2023, computed by Deploi as interest and fee income divided by the average of opening and closing net receivables, using Shopify's Form 10-K figures. The yield is indicative only; it is not an APR and not the price any merchant pays.

The yield fell because the receivable grew faster than income. In 2025 the balance rose 46% and income rose 26%, so each dollar of balance earned less. The 2023 yield uses the 2022 year-end balance of $580 million as the opening figure.

Is Shopify Capital cheaper than a bank loan?

The data on this page cannot say whether Shopify Capital costs less than bank credit. The 17.2% implied yield for 2025 blends every advance and loan in Shopify's Form 10-K totals, so it says nothing about the offer a given merchant receives. A fair comparison needs the total repayment and the term in that merchant's own offer.

Set Shopify's offer beside a written bank quote for the same amount and the same period. Deploi is not affiliated with Shopify and does not arrange Capital offers.

Where do the Shopify Capital figures come from?

The Shopify Capital figures come from Shopify's Form 10-K filings for fiscal 2024 and 2025 and its audited financial statements for 2022 and 2023, read from SEC EDGAR on October 18, 2026. Purchases, receivable and income are the numbers Shopify reports; the implied yield, the growth rates and the ratio are computed by Deploi.

The receivable is the XBRL item for notes and loans receivable, net, current. Income is the XBRL item for interest and fee income on loans and leases. Each year's purchases figure is the loans and merchant cash advances Shopify bought from its bank partner, as its filings describe them. The data table lists every year and the formula for the yield.

The data

Each chart on this page is drawn from the numbers below. Units are in the column headers.

Shopify Capital's receivables reached $1,784 million at the end of 2025, up from $580 million in 2022. Shopify Capital by year, USD millions: Interest and fee income
YearAdvances and loans purchased (USD million)Receivable, net current (USD million)Interest and fee income (USD million)Implied yield (%)
2022512580Not statedNot stated
20231,96681614721.058
20243,0001,22420520.098
20254,2001,78425817.154

Download Shopify Capital: advances purchased, receivables and fee income, 2022 to 2025 as CSV · Dataset page

Methodology

Reading the chart: Shopify Capital's receivables reached $1,784 million at the end of 2025, up from $580 million in 2022

  • Net loans and merchant cash advances receivable at year end, as Shopify reports them; Shopify reports the whole net balance as a current asset.
  • Implied yield in the data table is interest and fee income over the average of opening and closing receivables, computed by Deploi; it is indicative only and not an APR.

Caveats: Shopify Capital: advances purchased, receivables and fee income, 2022 to 2025

  • The receivable is loans and merchant cash advances receivable, net, at year end. Shopify reports the whole net balance as a current asset, so no non-current amount is left out.
  • Purchases are the loans and merchant cash advances Shopify bought from its bank partner in each year, as each year's filing describes them, so the years compare; the fiscal 2024 Form 10-K rounds 2023's $1,966 million to $2.0 billion.
  • The fiscal 2025 Form 10-K gives 2025 and 2024 purchases as $4.2 billion and $3.0 billion, rounded to a tenth of a billion. The table shows them as $4,200 million and $3,000 million, so growth computed from them carries that rounding.
  • The implied yield is computed by Deploi and is indicative only. It is not an APR and not the price any merchant pays; it blends every advance and loan in Shopify's totals.
  • The dataset holds no interest and fee income for 2022, so no 2022 implied yield is shown. The 2023 yield uses the 2022 year-end balance as its opening balance.

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.

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 Shopify Capital, and how fast is it growing? [Web page]. https://deploi.ca/shopify/data/shopify-capital-volume-and-yield Retrieved October 18, 2026.

BibTeX

@misc{deploi_shopify_capital_volume_and_yield_2026,
  author = {{Deploi}},
  title = {How big is Shopify Capital, and how fast is it growing?},
  year = {2026},
  url = {https://deploi.ca/shopify/data/shopify-capital-volume-and-yield},
  note = {Accessed 2026-10-18}
}

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<iframe src="https://deploi.ca/embed/shopify/data/shopify-capital-receivables-by-year" title="Shopify Capital&#39;s receivables reached $1,784 million at the end of 2025, up from $580 million in 2022" loading="lazy" style="width:100%;height:680px;border:0"></iframe>
<p style="font:12px/1.4 Arial,sans-serif;margin:4px 0 0">Source: <a href="https://deploi.ca/shopify/data/shopify-capital-volume-and-yield#chart-shopify-capital-receivables-by-year">Deploi, Shopify Capital&#39;s receivables reached $1,784 million at the end of 2025, up from $580 million in 2022</a></p>

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  • Chart: Shopify Capital's receivables reached $1,784 million at the end of 2025, up from $580 million in 2022 PNG
  • Data: Shopify Capital: advances purchased, receivables and fee income, 2022 to 2025 CSV

Questions

How much did Shopify Capital fund in 2025?

Shopify Capital purchased $4.2 billion of merchant cash advances and loans in 2025, up from $3.0 billion in 2024 and $1,966 million in 2023, according to Shopify's Form 10-K filings for fiscal 2024 and 2025 and its audited statements for 2023.

What is the Shopify Capital outstanding balance?

Net current loans and merchant cash advances receivable were $1,784 million at the end of 2025, up from $1,224 million a year earlier, according to Shopify's Form 10-K filed February 11, 2026. Shopify reports the whole net balance as a current asset.

Is the implied yield the rate Shopify Capital charges?

No. The 17.2% implied yield for 2025 is interest and fee income of $258 million divided by the average of the opening and closing receivable, computed by Deploi from Shopify's Form 10-K. It blends every advance and loan and is not an APR or the price of one offer.

How fast is Shopify Capital growing?

Purchases rose about 53% in 2024 and 40% in 2025, to $4.2 billion, computed by Deploi from Shopify's annual filings, which round the 2024 and 2025 figures to a tenth of a billion. The year-end receivable grew 50% in 2024 and 46% in 2025, to $1,784 million.

Is Deploi affiliated with Shopify?

No. Deploi is not affiliated with Shopify. The Shopify Capital figures on this page come from Shopify's public filings with the SEC, and the implied yield is computed by Deploi and labeled as such.

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Changes

  1. · Shopify Capital: advances purchased, receivables and fee income, 2022 to 2025
    First release. 4 rows, 4 fields read from 5 sources; each value agreed by extractor and verifier or ruled by the judge.
Deploi is not affiliated with Shopify. Questions about this data: contact@deploi.ca.