Shopify announced this week that it is expanding its Shopify Capital cash advance product to Canada to provide assistance to small businesses there.
Shopify Capital provides merchants with advances against their future sales to help provide much needed cash flow within a few days.
“This funding will fill in the gaps that banks generally can’t satisfy right now and provide businesses with the cash flow they need, when they need it most – now, not months from now,” the company said.
Shopify’s Canada move is the latest in a string of announcements the payment facilitator has made about expanding access to capital for its business customers. In March, it expanded Shopify Capital to the U.K. The company also launched small starter loans as another form of merchant financing offered through the Shopify Capital product in January.
And earlier this month, it extended its email marketing tool to all of its merchants for free until October 1, as part of an ongoing effort to support more businesses globally through the COVID-19 crisis.
Growing ecommerce transaction volume as new companies move online has translated into positive news for Shopify’s stock. It surged last week after its chief technology officer tweeted that the company’s traffic was likely to double soon, Investor’s Business Daily noted.