E-commerce giant Shopify will begin lending to small businesses selling on its retailing platform, launching Shopify Capital in Australia.
Its incursion on to the turf of business banks mimics Square and PayPal, which both have added working capital loans to online payments capabilities. PayPal Working Capital has lent more than $1 billion to 100,000 Australian businesses. Shopify’s Tui Allen. “Small business feels underserved and overwhelmed by traditional financial services and lack the funding they need to have the business grow.”
Shopify is working with Westpac, which will provide money-movement services by connecting Shopify into the Australian payments system.. In the US, Shopify taps Stripe’s banking relationships to offer a product called Shopify Balance. Shopify Capital loans are funded with Shopify’s balance sheet.Ms Allen said Shopify would expand financial services in Australia. “Capital is a very important first step on the journey of what we want to do,” she said.
Australia is the fourth market for Shopify Capital, which launched in the US in 2016 and expanded to Canada in 2020 and the UK in 2021.told The Australian Financial Review Banking Summit in June it is seeing strong demandPayPal also provides business loans via PayPal Working Capital, and the product has seen strong repeat usage: eight out of 10 businesses that have paid off their first PayPal loan have taken out a second.In the US, Shopify has moved into buy now, pay later.
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