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Trade and Other Receivables
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Trade and Other Receivables Trade and Other Receivables
Trade receivables and unbilled revenues, net of allowance for credit losses, were as follows:
 December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Unbilled revenues, net175 132 123 
Trade receivables, net77 62 80 
Indirect taxes receivable49 46 31 
Other receivables22 27 23 
Accrued interest19 15 16 
 342 282 273 
Unbilled revenues represent amounts not yet billed related to partner referral fees, subscription fees for Plus merchants, shipping charges and transaction fees as of the consolidated balance sheet date.
The allowance for credit losses reflects the Company's best estimate of probable losses inherent in the unbilled revenues and trade receivables accounts. The Company determined the provision based on known troubled accounts, historical experience, supportable forecasts of collectibility and other currently available evidence.
Activity in the allowance for credit losses was as follows:
December 31, 2024

December 31, 2023
(in US $ millions)
Balance, beginning of the year13 16 
Provision for credit losses related to uncollectible receivables15 9 
Write-offs(12)(12)
Balance, end of the year16 13 
Loans and Merchant Cash Advances    
December 31, 2024December 31, 2023December 31, 2022
(in US $ millions)
Loans receivable, gross(1)
1,131 732 228 
Allowance for credit losses related to uncollectible loans receivable(110)(60)(19)
Merchant cash advances receivable, gross234 180 420 
Allowance for credit losses related to uncollectible merchant cash advances receivable(31)(36)(49)
Loans and merchant cash advances, net1,224 816 580 
(1) Included in the loans receivable gross balance as of December 31, 2024 is $15 million of interest receivable (December 31, 2023 - $10 million, December 31, 2022 - $3 million).
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. In the year ended December 31, 2024, the Company purchased $3.0 billion of merchant cash advances and loans to Shopify merchants (December 31, 2023 - $2.0 billion). For some loans, the Company sells its full rights, title and interest to third-party investors. We account for the asset transfer as a sale and derecognize the full amount the Company paid to its bank partner to originate the loan and record a gain on sale of the loans sold to the third-party investor as revenue upon transfer of title. In the year ended December 31, 2024, the Company sold $212 million of loans to third-party investors (December 31, 2023 - $82 million).
In the year ended December 31, 2024, the Company recognized revenue of $205 million related to interest and fees earned on the Company's lending services, which do not represent revenues recognized in the scope of ASC 606, Revenue from Contracts with Customers (December 31, 2023 - $147 million).
Loans
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible loans receivable:
December 31, 2024December 31, 2023
(in US $ millions)
Allowance, beginning of the year60 19 
Provision for credit losses related to uncollectible loans receivable108 60 
Loans receivable charged off, net of recoveries(58)(19)
Allowance, end of the year110 60 
The following table presents the delinquency status of the gross amount of merchant loans by year of origination. The delinquency status is determined based on the number of days past the contractual or expected repayment date for which the Company anticipates to receive the amounts outstanding. The "current" category represents balances that are within 29 days of the contractual repayment dates, or within 29 days of the expected repayment date.
December 31, 2024
Year of origination
20242023TotalPercent
(in US $ millions)
Current1,051 8 1,059 93.7 %
30-59 Days5 1 6 0.5 %
60-89 Days4 2 6 0.5 %
90-179 Days7 3 10 0.9 %
180+ Days34 16 50 4.4 %
Total1,101 30 1,131 100.0 %
December 31, 2023
Year of origination
20232022TotalPercent
(in US $ millions)
Current696 — 696 95.1 %
30-59 Days5 — 5 0.7 %
60-89 Days2 — 2 0.3 %
90-179 Days7 — 7 0.9 %
180+ Days22 — 22 3.0 %
Total732 — 732 100.0 %
The Company maintains an internal monitoring list related to its outstanding loans. A merchant's ability and willingness to repay the financing receivables outstanding under the program is analyzed for a variety of factors that include, but are not limited to current or expected age of the financing, merchant subscription or financing status, merchant GMV trends and other changes to merchant credit profiles.
Merchant Cash Advances
The following table summarizes the activities of the Company’s allowance for credit losses related to uncollectible merchant cash advances receivable:
December 31, 2024December 31, 2023
(in US $ millions)
Allowance, beginning of the year36 49 
Provision for credit losses related to uncollectible merchant cash advances receivable13 20 
Merchant cash advances receivable charged off, net of recoveries(18)(33)
Allowance, end of the year31 36