This edition of Fintech Wrap Up dives into Shopify’s expansive product ecosystem, business strategy, financial performance, and how new bets like B2B, payments, cross-border tools and AI are shaping its future

Shopify is no longer just an ecommerce website builder — it’s evolved into a global commerce operating system powering millions of businesses across 175+ countries. In Q1 2025, Shopify posted $2.4B in revenue (+27% YoY) and processed $292B in GMV for 2024, proving its model of growing alongside its merchants is working. The company is expanding aggressively into enterprise, B2B, offline retail, and cross-border commerce, while layering on fintech products like payments, lending, and bill pay.

Shopify Payments now processes 62% of GMV, the Shop app drives customer acquisition, and Shopify Magic brings AI-powered automation to merchants. With only ~2% penetration of its $849B revenue opportunity, and seven straight quarters of positive free cash flow, Shopify is balancing rapid growth with disciplined profitability. It’s building the infrastructure to power every kind of sale — online, in-store, B2B, global — cementing its role as the backbone of modern commerce.

Shopify’s Bold Play for “Every Corner of Commerce”

Shopify’s scale in commerce is staggering. The company reported $2.4 billion in revenue in Q1 2025, a 27% year-over-year jump. Gross merchandise volume (GMV) flowing through Shopify’s platform continues to surge — since its 2006 launch, Shopify has facilitated over $1.2 trillion in global commerce. In 2024 alone, more than 875 million unique shoppers purchased from Shopify merchants. Shopify now powers millions of merchants across 175+ countries, giving it an over 12% share of the U.S. ecommerce market — an extraordinary penetration for a company that started as a tiny Canadian snowboard shop’s website.

Shopify’s growth at scale is notably robust. In 2023, revenue grew about 20%, and in 2024 it accelerated to 24% year-over-year. GMV has also expanded at ~26% yearly in recent years, reaching roughly $292 billion in 2024 GMV. This means Shopify is not only growing, but gaining market share in global retail. As management notes, the company has sustained 20%+ GMV and revenue growth at scale for the past two years — a feat in a maturing ecommerce landscape. Shopify’s model of sharing in merchant success (“when our merchants become more successful, Shopify becomes more successful”) is clearly working.

Shopify Snapshot (Q1 2025): Shopify’s recent investor deck highlights its scale and growth — $2.4B revenue in Q1 2025 (27% YoY), $1.2T in total commerce since inception, 875M+ shoppers in 2024, and >12% of U.S. ecommerce share. These figures underscore Shopify’s outsize presence in global commerce.*

From Online Stores to a Unified Commerce Operating System