Shopify Inc. completes deal with Export Development Canada (EDC)
Today, leading cloud-based, multi-channel commerce platform Shopify Inc. announced that it has completed a deal with Export Development Canada (EDC) to insure Shopify Capital’s merchant cash advances.
“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 launched earlier this year, in order to support entrepreneurs in finding secure financing. Here are some key facts about the new company:
- Shopify has over 1,500 employees
- The business now has offices in Ottawa, Montreal, Waterloo, Toronto and San Francisco
- Co-founders Daniel Weinand and Tobi Lütke originally launched the Shopify as a snowboard retailer. They soon found that the retail platforms was a necessary product for online business
- Since raising $131 million in its IPO in May last year, Shopify shares have risen more than 145 percent from the IPO price of $17 on the New York Stock Exchange
- The company attributes growth in its subscription solutions to improved ability to customise its platform, user support, and pricing for larger retailers.
- Shopify caters to over 1,000 merchants, including the likes of Nestle, Boeing, Budweiser, Kanye and Red Bull
- 59 percent of the company’s customer located in the US