BUSINESS NEWS: SHOPIFY TAKES ITS PLATFORM TO MARKET
Canadian e-commerce retail platform Shopify has filed for public offering, according to Associated Press. The company offers shopping technology for small to mid-size e-commerce businesses, and works with merchants who wish to run their own online checkout services.
The company intends to raise $100 million in funding for its first public offering, though that figure may changed depending on investor interest. Shopify is now employed by 162,000 merchants in 150 countries, a 68% increase from last year’s client base.
Executives did say there is one risk which could affect the success of its IPO: it relies entirely on one supplier, Stripe, Inc., for its payment processing.
“Any disruption or problems with Stripe or its services could have an adverse effect on our reputation, results of operations and financial results,” the company noted upon filing.
The platform will be listed at the NYSE under the ticker name “SHOP.”
Images via Shopify