Shopify secures money transmitter licences in 18 states and Puerto Rico

9 articles · Updated · The Information · Apr 30

The company is seeking nationwide approval, with applications still under review in major states including California and New York.
The licences would let Shopify hold and move merchant funds itself, deepen direct bank relationships and potentially launch new services while reducing fees paid to intermediaries such as Stripe.
With services making up about three-quarters of revenue but carrying lower margins, Shopify is expanding fintech as software growth slows, though broader licensing will bring added compliance, staffing and capital requirements.

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