Crossborder provider Global-e filed its SEC F1 in middle May 2021. Yes, this is the company that Shopify now owns 5.5% of.

Here are a few notes:

• The valuation seems to be based on growth of GMV. Who values a company at 4x GMV? Approximately $4B valuation on 750M GMV on $136M revenue. The word "stratospheric" comes to mind.

• To that point, this is not a super-high margin business - around 30%. Three years ago that was at 22%. Microsoft and Salesforce are at about 67% Gross Margins, which gives you some idea of the difference in these businesses. Historically low-margin Wayfair has 28% gross margins.

• First recent net profitable year ever was in 2020 at $8M.

• % Revenue: UK + EU = 65%, America = 33%

• Because supply chain is a big part of their value proposition, this is a service business primarily, not just a software business.

• 400 merchants on the platform.

• I conclude that Global-e needs to become primarily a global payments business going forward to become profitable. Gives you some idea why Shopify / Shop Pay is so interested.