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Shopify Jumps on New Tools for Merchants, Comparison to Amazon

  • Canadian software firm to offer business account, card
  • Company has potential rival to Amazon, Credit Suisse says
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WATCH: Tobias Lutke, Shopify chief executive officer, speaks with Bloomberg Television.(Source: Bloomberg)
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Shopify Inc. plans to launch a business account and card for merchants, adding fuel to the company’s shares which have already been soaring through the coronavirus pandemic.

Shopify Balance will allow businesses to track expenses and pay bills from the company’s platform, and will include a card that can be used at automated teller machines to access sales revenue, according to a statement Wednesday. The Ottawa-based firm said it isn’t pursuing a banking license but will work with “external partners” on the service.