The company also announced the launch of an iPad-centric point of sale system. Shop Pay allowed merchants to accept credit cards without requiring a third party payment gateway. In August 2013, Shopify announced the launch of Shopify Payments, which was rebranded as Shop Pay in February 2020. In August 2013, Shopify acquired Jet Cooper, a 25-person design studio based in Toronto. In February 2012, Shopify acquired Select Start Studios Inc ("S3"), a mobile software developer, along with 20 of the company's mobile engineers and designers.
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Its Series B round raised $15 million in October 2011. The company received $7 million from an initial series A round of venture capital financing in December 2010. Shopify was named Ottawa's Fastest Growing Company by the Ottawa Business Journal in 2010. The winners of the competition receive cash prizes and mentorship from entrepreneurs, such as Richard Branson, Eric Ries and others. In 2010, Shopify started its Build-A-Business competition, in which participants create a business using its commerce platform. The app lets Shopify store owners view and manage their stores from iOS mobile devices. In April 2010, Shopify launched a free mobile app on the Apple App Store. The API allows developers to create applications for Shopify online stores and then sell them on the Shopify App Store. In June 2009, Shopify launched an application programming interface (API) platform and App Store. Shopify created an open-source template language called Liquid, which is written in Ruby and used since 2006. The Snowdevil founders launched the platform as Shopify in June 2006. Lütke used the open source web application framework Ruby on Rails to build Snowdevil's online store, and launched it after two months of development. Dissatisfied with the existing e-commerce products on the market, Lütke, a computer programmer by trade, instead built his own. Shopify was founded in 2006 by Tobias Lütke and Scott Lake after attempting to open Snowdevil, an online store for snowboarding equipment.
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