Stock Alert: Shopify Rises 6% After Launching Capital Program In Canada

(RTTNews) - Shares of Shopify Inc. (SHOP) are rising almost 6 percent or $34.52 in Monday's trading at $624.91. The stock has traded in a range of $216.62 to $628.80 in the past 52 weeks.

Monday, the Canada-based e-commerce company said it has launched its Shopify Capital program in Canada, offering cash advances to business owners as they struggle with the impact of the COVID-19 pandemic. Shopify said it is offering cash advances that can be repaid through future sales. Starting today, eligible Canadian merchants will have access to the program, with advances ranging from C$200 to C$500,000 per eligible merchant to keep their businesses going.

Shopify's shares have been seeing strong gains since last Thursday after Chief Technology Officer Jean-Michel Lemieux tweeted that the Shopify platform was handling Black Friday level traffic every day as thousands of businesses moved online amid the coronavirus pandemic.