JC Bahr-de Stefano(@jbahrdestefano):Wow apparently @Shopify has been quietly stacking money transmitter licenses. MTLs are state-by-state licenses that let a company legally hold customer funds + move money on their behalf Getting MTLs means they would be able to hold and move funds themselves, instead of routing everything through @stripe Shopify did $378 billion in GMV in '25 --> owning the rails = owning more of the economics

JC Bahr-de Stefano

@jbahrdestefano

Doing things such as Investing in fintech @btv_vc 💸 Running 🏃 and playing footy ⚽ Writing ✍️+ thinking out loud 🤔

Joined October 2019

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JC Bahr-de Stefano@jbahrdestefano

2026.04.30 16:00

Wow apparently @Shopify has been quietly stacking money transmitter licenses. MTLs are state-by-state licenses that let a company legally hold customer funds + move money on their behalf Getting MTLs means they would be able to hold and move funds themselves, instead of routing everything through @stripe Shopify did $378 billion in GMV in '25 --> owning the rails = owning more of the economics