Myshopify
“Can Shopify become the complete financial operating system for merchants by embedding payments, lending, banking, and card products so deeply into its platform that switching costs make it the default commerce infrastructure for global SMBs?”
Founded in 2006 as a snowboard e-commerce store, Shopify quickly pivoted to selling the commerce infrastructure itself. After its 2015 IPO, Shopify expanded from pure SaaS subscription revenue into financial services — launching Shopify Payments (acquiring), Shopify Capital (merchant lending), Shopify Balance (banking), and Shopify Credit (corporate card) to deepen merchant lock-in and capture payments/financing economics. The company has evolved from an e-commerce SaaS platform into a full-stack commerce operating system with embedded finance as a core revenue driver, processing $292.3B in GMV in 2024.