Shopify Seeks Money Transmitter Licenses Across US to Expand Payments Business

Shopify has long used Shopify Payments to integrate payment acceptance for merchants, but it still relies on licensed financial institutions for some money transfers and prepaid services. Securing money transmitter licenses in US states would give Shopify more direct control over transaction flows, reduce its reliance on partners and allow it to generate more financial-services revenue from the hundreds of billions of dollars in annual transactions on its platform.

Shopify has applied to US regulators to operate nationwide as a money transmitter and prepaid access provider, seeking to handle merchant and consumer funds directly. As of July 20, 2026, the applications remained subject to regulatory approval. If it secures the necessary state licenses, Shopify could expand beyond payment acceptance into fund custody, transfers and prepaid services.