No. of Recommendations: 2
I was not aware of that. How/where do I find out more about this?

Here are a couple of snippets from the call. I'd imagine the 10-Q goes into more detail, but I haven't looked.

Shopify Capital and Shopify Shipping, both experienced robust growth year-over-year. Growth in these areas are particularly important to us because these are products that our merchants increasingly use as they become more successful. Shopify Capital exceeded $630 million in total merchant cash advances in the second quarter, and more than half of that was distributed in the past 12 months alone. Simply put, merchants have a better shot at success when they have timely access to affordable capital, and that's why this July we introduced Shopify Capital to non-Shopify payment merchants in the U.S., expanding our eligible market and helping even more entrepreneurs accelerate the growth of their business.

And...

So, yes, with capital, I'll just kind of give you a little bit of context here. We've actually managed our loss ratio in a very, very tight range. In fact, it's lower than the top of the range where we think we could go with this, which says, the power of our algorithms are working. And so it's one of the reasons why we felt comfortable offering the capital product to non-Shopify payment merchants. We feel like we're in a good position. With respect to non-Shopify Payments merchants, we still have significant visibility into their operations. We see their order as we see their engagement with the platform. And so we are very comfortable moving in that direction. It does expand our addressable market about 10% and we see other opportunities to increase our addressable market over time as well. If you recall, we're only in like 14 states right now and we're -- we've got some initiatives under way to take that nationally.

A.J.
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