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← Embedded Finance Index 2026/Vendor

Shopify

Provider
PSPTokenization

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 3 companies across 2 categories.

shopify.com ↗Also analysed as a company — its own stack →
CategoriesPSP, Tokenization
Rank#340 of 528 in PSP
Buyers3 companies
HeadquartersOttawa, Ontario, Canada
Founded2006
FoundersTobias Lütke, Daniel Weinand, Scott Lake
Raised~$122M pre-IPO (VC)
TickerNYSE:SHOP
Market cap~$140B
IPO2015
Pre-IPO raised$122M

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Founders & story · from Shopify’s own dossier

Founded in 2006 as an internal tool for a snowboard retailer, Shopify quickly became the default e-commerce platform for SMBs. From 2013 onward, Shopify began layering financial services on top of its commerce OS — starting with Shopify Payments, then Shopify Capital (2016) and Shopify Balance (2019). This embedded finance stack became a major revenue driver (Merchant Solutions), transforming Shopify from a SaaS subscription business into a commerce-and-fintech hybrid. By 2025, Shopify Capital had funded thousands of merchants, Shop Pay had become a leading checkout product, and the company was expanding its financial OS internationally.

Latest round: IPO, 2015 (Nasdaq: SHOP / TSX: SHOP)
Recent developments
  • 2025-11Launched Capital Flex in the US — a revolving credit product with dynamic limits that grow with merchant sales. source ↗
  • 2025-08Shopify Payments multi-currency payouts feature expanded, allowing up to 8 bank accounts in different currencies. source ↗
  • 2026-03Shopify Privacy Policy updated March 2, 2026. source ↗
  • 2026-09-30Shopify became one of 5 founding partners (with Coinbase, Mastercard, Stripe and Visa) of Open Standard, a joint venture issuing OUSD — a USD stablecoin with shared governance and reserve income rather than a single company's product, bringing shared-infrastructure stablecoin settlement to Shopify's merchant payments. source ↗
Full dossier: Shopify’s own stack, layer by layer →
Who uses Shopify
3 companies disclose Shopify in their stack
JusttMicrosoft CopilotFelyfit
Buyer mix · 3 of 3 classified
E-commerce / DTC brand · 1Horizontal SaaS / AI Assistant · 1Infrastructure / Payments · 1
MENA · 1US · 1LATAM · 1
What the disclosures say
Microsoft Copilot
“Stripe issues a Shared Payment Token.' Axios Jan 2026: 'live in the U.S. with Shopify, PayPal, Stripe and Etsy integrations.'”
Felyfit
“Storefront and privacy policy state 'felyfit is powered by Shopify'; checkout, cart, and collections pages are Shopify-hosted (felyfit.com/en/cart, felyfit.com/en/collections).”
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Shopify? Claim this profile above to unlock your own full list.
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What Shopify runs on · from its own dossier
The third-party providers Shopify itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Shopify.
PSP
Stripe Connect
Sponsor Bank
Celtic Bank
BaaS
Stripe Treasury
Card Issuing
Stripe Issuing
Card Network
Visa
FX / Payouts
Shopify Payments
Spend / AP
Melio
Treasury Management
Stripe Treasury
Open Banking
Plaid
Full dossier with evidence for each layer →
Alternatives to Shopify

Other PSP providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Stripe783 buyers →Adyen317 buyers →PayPal153 buyers →Checkout.com114 buyers →Worldpay88 buyers →Mollie63 buyers →Braintree57 buyers →Pix50 buyers →
Share this rank

An embeddable badge for Shopify’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #340 of 528 in PSP — Embedded Finance Index 2026
Copy-paste snippet
<a href="https://www.embeddedfinanceindex.com/vendors/shopify?ref=badge">
  <img src="https://www.embeddedfinanceindex.com/api/badge/shopify.svg"
       alt="Ranked #340 of 528 in PSP — Embedded Finance Index 2026">
</a>
<img src="https://www.embeddedfinanceindex.com/api/badge/shopify/install" width="1" height="1" alt="" style="display:none">

Shopify — frequently asked

Which companies use Shopify?

3 companies are linked to Shopify in the Embedded Finance Index 2026, through their own public disclosures or Shopify's published customer list, including Justt, Microsoft Copilot and Felyfit.

What does Shopify do?

Shopify is an embedded-finance provider in PSP and Tokenization. It ranks #340 of 528 PSP providers by linked companies.

Is Shopify publicly traded?

Yes. Shopify trades as NYSE:SHOP, listed since 2015.

What are the alternatives to Shopify?

The most-named PSP alternatives to Shopify are Stripe (783 buyers), Adyen (317 buyers), PayPal (153 buyers), Checkout.com (114 buyers), Worldpay (88 buyers) and Mollie (63 buyers).

Who founded Shopify?

Shopify was founded by Tobias Lütke, Daniel Weinand and Scott Lake and is founded in 2006, headquartered in Ottawa, Ontario, Canada.

How much funding has Shopify raised?

Shopify has raised ~$122M pre-IPO (VC) in total.

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