The e-commerce platform is seeking money transmitter licenses, which let a company hold and move money, across the U.S. and has secured them in 18 states and Puerto Rico so far. (The Information)

Talking point: Shopify has told regulators it also wants to be a “provider of prepaid access,” meaning it could serve as a Venmo-like service for merchants. Shopify currently earns some of its revenue from add-on services to its subscription business, such as payments, but relies on third-party companies, like Stripe, for processing. The licenses would still require it to partner with a bank, but could reduce the fees Shopify pays its partners and open it up to offering new services. “Obtaining licenses will allow us to keep building on our existing tools that help merchants run their business,” an unnamed Shopify spokesperson told The Information.