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Shopify Capital: Repeat Originations Performance Quarter over Quarter
Shopify Capital originated ~$1B in business loans and merchant cash advances in Q3, the same as the previous quarter. The total for the first nine months of 2025 now sits at ~$2.8B, which means they will surpass 2024’s total of $3B. deBanked has been tracking originations of more than a dozen of the largest online small business lenders since 2014.
Shopify Capital is not limited to the US and in Q3 it added Ireland and Spain to the list of countries it funds in.
Technically speaking, “Certain loans and merchant cash advances are facilitated by the Company and originated by a bank partner, from whom the Company then purchases the loans and merchant cash advances obtaining all rights, title and interest or discount,” the company explains in its SEC documents.
A snapshot of payment status from their Q3 report:
PayPal: Business Loan and Working Capital Originations of $600M in Q3
PayPal originated approximately $600M in business loans and working capital loans in the third quarter. A financial institution makes the loans to their clients and PayPal purchases the receivables and services the portfolio. Under this basis the company has purchased $1.6B worth of receivables for the first nine months of 2025.
“The allowance for credit losses at September 30, 2025 for our merchant receivable portfolio was $163 million, an increase from $113 million at December 31, 2024,” PayPal stated in its earnings report. “The increase in allowance for credit losses was related to a decline in credit quality of merchant loans outstanding primarily from modifications in acceptable risk parameters in 2024, which included broadened eligibility. In the second quarter of 2025, we updated our expected credit loss model for all portfolios to utilize multiple economic scenarios rather than the single scenario previously utilized. These changes did not have a material impact on our allowance for credit losses in the period.”
View PostdeBanked CONNECT MIAMI – Feb 12, 2026
deBanked CONNECT MIAMI returns to the Fontainebleau on February 12, 2026. After last year’s massive turnout, it is anticipated to be deBanked’s largest event of 2026.
To sponsor, contact: events@debanked.com
For early bird tickets with a huge discount, register now at: https://www.debankedmiami.com
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Enova: $1.4B in Small Business Loans in Q3 2025
Enova continued to set a new internal quarterly record for small business loan originations with $1.4 billion in Q3.
“Since our acquisition of OnDeck five years ago, we’ve not only maintained our strong profit margins, we’ve done so while cutting our consolidated net charge-off rate in half,” said Enova CFO Steven Cunningham during the recent earnings call. Cunningham is scheduled to replace David Fisher in the CEO role this coming January.
Meanwhile, all the major indicators they review continue to show that small businesses are doing well.
“Insights from internal and external sources reflect solid underlying trends for small businesses,” said Fisher. “In conjunction with Ocrolus, we released the eighth iteration of our small business cash flow trend report earlier this week. This offers key insights into the state of small businesses and highlights ongoing trends observed over the past year. Small business confidence is high, as tariffs remain manageable and the economy, and in particular consumer spending, remained strong.”
View PostOppFi: ‘Bitty is a Great Partner’
Bitty generated $1.4 million in equity income for OppFi in Q3. OppFi, publicly traded, owns a 35% stake in Bitty.
“Bitty is a great partner that we have enjoyed working with and learning from in the SMB space,” said OppFi CEO Todd Schwartz during the company’s Q3 earnings call. “The company shares OppFi’s business principles and corporate values and consistently uses technology to enhance operations and the customer experience. Bitty has identified significant additional growth opportunities and continues to capitalize on the ongoing supply-demand imbalance in the small business revenue-based finance space.”
Overall, OppFi said it had delivered another strong quarter that had outperformed expectations. It raised earnings guidance for the third time this year.
View PostOcrolus launches Encore: A first-of-its-kind, trusted cash flow data sharing platform for small business funding
NEW YORK, October 28, 2025 — Ocrolus, the leading AI-powered automation and analytics platform for financial decision-making, today announced the launch of Encore, a groundbreaking, double opt-in borrower intelligence sharing platform built specifically for small business funding.
Since 2016, Ocrolus has built the cash flow analytics infrastructure that powers credit scoring models for more than 175 funders, including leading originators such as Enova, Square, PayPal, Rapid Finance, Kapitus, Fora Financial, Bluevine, Libertas and Expansion Capital Group. Trained on over 15 million applications, Ocrolus cash flow analytics have become the de facto language that major SMB funders and capital providers use to interpret bank data.
By uniting the industry around a shared set of standardized cash flow metrics, Encore allows trusted counterparties to instantly share deals, resulting in faster funding decisions, stronger partnerships and broader access to capital for small businesses.
“Lenders have long relied independently on Lendio for SMB flow and Ocrolus for data standardization and cash flow analytics,” said Trent Miskin, Co-founder and CPO at Lendio. “Encore allows our firms to drive a more streamlined experience that eliminates data-processing duplication, shortening speed to offer and improving the embedded experience that SMBs are demanding.”
Traditionally, brokers pre-qualify borrowers with a quick glance at bank statements to estimate revenue and identify competitors, then email the application to a funder who may not trust the reported metrics and re-analyze the original documents from scratch. In some cases, brokers even collect Plaid or Finicity credentials from borrowers and access digital bank data but are counterintuitively instructed to convert the digital data to PDF and send it by email, wasting time and introducing unnecessary data issues. Outdated workflows such as these represent major inefficiencies and security risks in how cash flow data is shared. Encore eliminates these friction points with a seamless, trusted data-sharing experience.
“At Ocrolus, when we ask customers about their priorities, growing origination volume is consistently at the top of the list,” said David Snitkof, General Manager of SMB at Ocrolus. “With Encore, we’re helping brokers and funders say yes more often by enabling them to convert more of their leads, fund larger deals, serve a broader range of industries and access capital faster and more flexibly.”
Encore is now live with an initial group of early adopter partners actively using the platform through the end of the year. Ocrolus will expand availability to a broader group in January 2026.
About Ocrolus
Ocrolus is a leading AI-powered automation and analytics platform for financial decision-making. The company enables lenders to make faster, more accurate credit decisions by automating underwriting workflows, with deep expertise in small business and mortgage lending. Ocrolus ingests and classifies documents, extracts key data, detects fraud, and delivers comprehensive cash flow and income analytics, empowering financial institutions to streamline the borrower experience, scale operations efficiently, and manage risk with precision and confidence. To learn more, visit Ocrolus.com.
View PostSee You in Las Vegas for B2B Finance Expo
The team is now heading to Las Vegas for B2B Finance Expo. Hopefully you have your ticket already to the two-day conference taking place on Oct 28-29 at the Wynn in collaboration with the SBFA.
Here’s what you need to know:
For Merchants: It’s Not Just Cards vs. Cash Anymore
38% of small businesses accept Zelle as a form of payment, according to the latest Small Business Cash Flow Trend Report produced by OnDeck and Ocrolus. 29.2% accept Venmo and 28.6% accept PayPal. Apple Pay / Google Pay and CashApp were right behind them at 22.6% and 16.4% respectively.
These figures emphasize the diversity of payment streams that Main Street has now become accustomed to. Long ago it was simply cash vs. card. 40.1%, however, said that they still don’t accept any alternative payment methods at all.
The survey did not ask if businesses accept Bitcoin or crypto but it could in the future. Block, for example, which owns CashApp, recently began rolling out Bitcoin acceptance tech to all of its Square merchants.
While small businesses have historically been cost conscious about which payment method they prefer to accept payments, 31.6% of those surveyed said they passed their credit card processing fees on to their customers.
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