Shopify pursues nationwide money transmitter licenses to push deeper into fintech and merchant payments

Shopify is seeking regulatory approvals across the U.S. to act as a money transmitter and provider of prepaid access, having already obtained licenses in 18 states and Puerto Rico while applications are under review in remaining states including California and New York, according to government records reported by The Information. The licenses would let Shopify hold and move merchant funds itself rather than rely on partners like Stripe, potentially reducing intermediary fees and enabling new services, with recent job postings indicating Shopify is hiring for a “money movement platform” including a Luxembourg-based role and positions requiring experience in BIN sponsorship arrangements. Oppenheimer managing director Ken Wong told The Information that fuller licensing could let Shopify offer new merchant-centric capabilities like automated invoicing and “increase the take rate” and “the margins on a per-merchant basis.