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Shopify Reports Q1 2023 Results and Sells Logistics Business to Flexport
Shopify Inc. announced its financial results for Q1 2023 and a definitive agreement to sell the majority of its logistics business to Flexport. The company reported a 15% increase in gross merchandise volume (GMV) to $49.6 billion and a 25% increase in total revenue to $1.5 billion compared to the previous year. Merchant Solutions revenue increased 31% to $1.1 billion, driven primarily by GMV growth and the continued penetration of Shopify Payments.
During Q1 2023, Shopify welcomed popular brands to its platform, including Keen, 7 for All Mankind, Seiko, and Herschel Supply. The company also launched Commerce Components by Shopify (CCS), a modern, composable stack for enterprise retail, and a new AI shopping assistant on the Shop app, powered by OpenAI’s ChatGPT API.
On May 3, 2023, Shopify agreed to sell the majority of its logistics business, including the people, technology, and services related to these operations, to Flexport, a leading tech-driven global logistics platform. As part of the agreement, Shopify will receive stock representing a 13% equity interest in Flexport, in addition to its existing equity interest. Flexport will become the official logistics partner for Shopify and the preferred provider for Shop Promise. The transaction is expected to close in Q2 2023, subject to certain conditions and regulatory approval.
Shopify expects revenue growth in Q2 2023 to be similar to the Q1 growth rate on a year-over-year basis, with gross margin percentage remaining consistent with Q1 2023. The company also anticipates free cash flow profitability for each quarter of 2023 and capital expenditures of approximately $100 million for the full year.
Companies In This Post
- Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding Read more
- Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform Read more
- Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel Read more
- Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing Read more
- TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management Read more
Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.
Apex Group Provides Transfer Agency Services in Support of the Launch of Fidelity International’s First Tokenised Product
Apex Group Ltd (“Apex Group”) a global financial services provider with over $3.5 trillion in assets serviced, today announced that it is providing transfer agency services to Fidelity International in support of the launch of its first tokenised product, which offers institutional and professional investors 24/7 liquidity. The capabilities are designed for on‑chain markets and real‑time processing environments.
Spendflo Launches Flo AI: An Autonomous Procurement Workforce for Mid-Market Companies
Spendflo has launched Flo AI, an autonomous procurement workforce designed for mid-market companies. Flo AI runs the complete procurement lifecycle: intake, approvals, vendor management, contract review, and accounts payable, as a single connected system. It does not assist procurement teams. It acts on their behalf.
Sherlocq Launches the First AI-Native Regulatory Intelligence Platform for Global Financial Services
Sherlocq announced its public launch, delivers regulatory intelligence that is precise, traceable, and usable at institutional scale
Nuvo and Avalara Launch AI Integration to Eliminate Tax Compliance Gaps and Accelerate B2B Customer Onboarding
Nuvo Technologies, the AI-native customer-to-cash platform, today announced an integration with Avalara, the agentic AI leader in global tax and compliance. The integration connects Nuvo’s AI-powered onboarding with Avalara’s exemption certificate management and real-time tax calculation capabilities—enabling B2B suppliers to handle credit applications and tax compliance in a single, unified experience. The result is a single workflow where suppliers can approve customers and ensure tax compliance at the same time.
Lumin Digital Unveils Lumin Solaire, an AI-Native Intelligence Layer Embedded In Its Compounding Growth Platform
Lumin Digital, the Compounding Growth Platform for banks and credit unions, today unveiled Lumin Solaire, an AI-native intelligence layer embedded across its platform. The announcement was made at Lumination, the company’s annual client conference, where Lumin is showcasing its platform strategy and product roadmap.
Sturgis Bank Partners with MANTL to Transform Business and Retail Account Opening Across All Banking Channel
Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a digital sales and service platform provider for financial institutions in the U.S., today announced a new partnership between MANTL, an Alkami solution team and leading provider of loan and deposit account opening technology, and Sturgis Bank, a community bank serving Michigan through 16 branches, to transform its account opening experience for business and retail customers. Through this partnership, Sturgis Bank will modernize onboarding across all physical and digital banking channels, reinforcing its commitment to delivering a seamless, efficient, and customer-centric experience while expanding accessibility and accelerating digital growth.
Redbridge: Visa’s Commercial Enhanced Data Program (CEDP) – What Merchants Are Really Facing
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TSAM London: FE fundinfo on Mastering Data and Unifying Operations in Asset Management
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Reap and TerraPay Partner to Expand Local Payout Corridors Globally
Reap, the stablecoin-native global payments and financial platform infrastructure for businesses, today announced a strategic partnership with TerraPay, a global money movement company, to expand local cross-border payouts through direct access to domestic clearing systems worldwide.
Digital Assets Clearing Center Secures US$10 Million Funding for International Market Infrastructure
Digital Asset Clearing Center (DACC.HK), a next-generation financial market infrastructure for the tokenized economy, today announced US$10 million in funding from strategic partners including Conflux, Transaction Technologies Limited (“TTL”) and Global InfoTech. Traditional bank transfers continue to dominate the US$214 trillion cross-border payments market, but tokenized finance offers an alternative to slow settlement cycles, high transaction costs, fragmented data systems and regulatory barriers. Digital Asset Clearing Service offers seamless connections to the world's leading payment systems including Cross-Border Interbank Payment System (CIPS), blockchain networks and compliance infrastructure delivering end-to-end Clearing-as-a-Service (CaaS) for financial institutions.