Brenda O’Farrell
Investing.com – Shares of e-commerce juggernaut Shopify Inc (TSX:SHOP) hit a new all-time high of $590.50 yesterday before closing at $585.64. Building on its continuing gains since the beginning of 2020.
Earlier this week, the company announced the U.S. launch of Shopify Capital, which offers starter loans to entrepreneurs starting a business. The service is only available in the U.S., and the Ottawa-based company does not plan to offer the service in Canada in the near future. The service provides eligible Shopify Payments merchants the ability to apply for initial loans of $200 to help them build their brand and experiment with marketing to grow their business.
Since launching in 2016, Shopify has grown into a global commerce company, providing tools to help start, expand and market retail operations of a wide variety of sizes. It boasts to help power more than 1 million businesses in more than 175 countries.
The tech company has become the best performing stock on the S&P/TSX Composite over the last three years, gaining a whopping 807.2%.
Last week, the stock gained 4.38%, going from $529.46 to $560.90. So far this week, it has gained 4.37%.