Shopify Announces Shopify Capital
Ecommerce platform Shopify has launched a new financing scheme called "Shopify Capital".
Shopify Capital provides cash advances to ecommerce merchants in the United States, to help them 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."
During a pilot program, merchants used Shopify Capital 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."