Last week, the Toronto-Dominion Bank announced a “full service e-commerce platform for Canadian small businesses.”
“TD Bank Group is pleased to announce the launch of TD eCommerce Solutions, a turnkey, highly customizable eCommerce platform, that enables Canadian small businesses to quickly begin selling their products and services online and accept payments with ease,” a statement from the bank reads.
“At TD, we recognize the vital role small businesses play in the Canadian economy, driving innovation, creating jobs and boosting communities,” Alec Morley, Senior Vice President of Canadian Small Business Banking at TD, stated. “As a bank committed to supporting local businesses, we’re proud to help our customers succeed by providing them with eCommerce tools and trusted solutions that support their growing businesses and help them reach new customers.”
If that all sounds to you a little like a well-known entity—Ottawa’s Shopify—then you are not alone.
In reaction to the news, Shopify chief executive officer Tobi Lutke offered deep commentary on the topic: “Lol,” he tweeted on X.
Even Elon Musk got in on it, adding a laughing emoji in response to TD’s announcement.
Interestingly, Shopify is now the third-largest publicly traded company in Canada based on market capitalization, with a cap of roughly $95 billion. Who’s next in line? TD Bank at $110B.
Somehow, while operating in different fields, the pair have become unexpected rivals.
To be fair, some commenters have pointed out that TD isn’t actually trying to directly compete with Shopify, and that is broadly true: the big announcement from the bank boiled down to a partnership with BigCommerce, a SaaS e-commerce platform. That doesn’t exactly suggest TD is pivoting business models to take down Tobi and Co.
“This collaboration combines the robust capabilities of TD business banking services with the cutting-edge technology of BigCommerce’s e-commerce platform, creating a dynamic all-in-one commerce and banking solution,” offered Brent Bellm, CEO of BigCommerce.
“This innovative unified offering opens the door to new revenue streams and growth opportunities for Canadian businesses of all sizes,” the chief executive said.
Perhaps, but Shopify for one isn’t concerned.
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