Shopify vs Toast: Founders, CEOs and History
Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand, Scott Lake and is led by Tobi Lütke. Toast was founded in 2011 by Aman Narang, Steve Fredette, Jonathan Grimm and is led by Aman Narang.
Company facts
Founders
Shopify
Tobias Lütke
Tobias Lütke co-founded Shopify after building the Snowdevil snowboard store in Ruby on Rails in 2004. He has led Shopify as CEO since 2008 and holds a founder share that gives him about 40% of total voting power.
Daniel Weinand
Daniel Weinand co-founded Shopify and served as Chief Design Officer and later Chief Culture Officer, shaping the early storefront themes and user interface.
Scott Lake
Scott Lake co-founded Snowdevil and Shopify and served as Shopify's first CEO until 2008, when Lütke took over. He later founded other ventures.
Toast
Aman Narang
Aman Narang co-founded Toast in 2011 and held president and COO roles before becoming CEO on January 1, 2024, succeeding Chris Comparato. He is also a director of the company.
Steve Fredette
Steve Fredette co-founded Toast in 2011 and served as president, helping build the company's product and go-to-market organization through its growth and 2021 IPO.
Jonathan Grimm
Jonathan Grimm co-founded Toast in 2011 and served as its chief technology officer during the company's early years, leading development of the cloud platform.
CEOs and their tenures
Shopify
- Daniel Weinand2006–2019
Co-Founder
Designed Shopify's initial core user interface and design system, establishing the clean and intuitive visual framework that empowered millions of merchants to build online stores.
Source - Tobias Lütke2008–present
Co-founder and Chief Executive Officer
Co-founder, original engineer and CEO since 2008, Lütke has guided Shopify from a snowboard-store codebase to a platform with $11.56 billion of 2025 revenue.
Source - Harley Finkelstein2020–present
President
Joined in 2010 and became President in 2020; leads commercial operations, partnerships and public communication.
Source - Jeff Hoffmeister2022–present
Chief Financial Officer
Former Morgan Stanley banker who joined as CFO in 2022 and oversaw the return to double-digit free cash flow margins.
Source
Toast
- Chris Comparato2015–2023
Chief Executive Officer
Led Toast through its 2021 IPO; co-founder Aman Narang succeeded him on January 1, 2024.
Source - Aman Narang2024–present
Co-Founder and Chief Executive Officer
Directs overall corporate vision, product architecture, restaurant partnerships, and public company leadership.
Source
Timeline: Shopify and Toast side by side
2004Shopify
Snowdevil Snowboard Store Engineered
Tobias Lütke builds a custom Ruby on Rails shopping platform to sell snowboards online after rejecting clunky legacy e-commerce tools.
2006Shopify
Commercial Launch of Shopify
Lütke, Lake, and Weinand officially launch Shopify in Ottawa, offering subscription-based storefronts to small business entrepreneurs.
2009Shopify
Shopify API & App Store Ecosystem
Shopify introduces its developer API and App Store, sparking a large global developer ecosystem that builds thousands of custom merchant extensions.
2011Toast
Toast Founded in Cambridge by MIT Endeca Alumni
Aman Narang, Steve Fredette, and Jonathan Grimm founded Toast to build cloud software for restaurants.
2013Shopify
Launch of Shopify Payments
Shopify launches integrated payment processing, capturing a lucrative percentage fee on global Gross Merchandise Volume (GMV).
2013Toast
Pivots from Mobile Consumer App to Full Restaurant POS
Pivoted to a complete cloud restaurant POS system, signing its first commercial restaurant in Cambridge.
2015Shopify
Dual TSX and NYSE Initial Public Offering
Shopify completes its dual IPO in Toronto and New York under ticker SHOP, raising $131 million to fuel international merchant expansion.
2015Toast
$30M Series B Led by Bessemer Venture Partners
Raised $30 million, crossing 1,000 restaurant locations and expanding regional field sales across the US.
2017Shopify
Shop Pay Accelerated Checkout Introduced
Shopify releases Shop Pay, providing accelerated one-click checkout conversion across millions of storefronts and merchant apps.
2018Toast
$115M Series D at $1.4B Valuation & Launches Toast Go
Raised a $115 million Series D led by TCV and Tiger Global, reaching unicorn status, and launched the Toast Go handheld.
2020Toast
$400M Series F at $4.9B Valuation & COVID-19 Operational Pivot
Raised a $400 million Series F at a $4.9 billion valuation in February 2020, then cut about half its workforce in April 2020 as COVID-19 shut dining rooms.
2021Toast
Historic Initial Public Offering on the NYSE (NYSE: TOST)
Went public on the New York Stock Exchange, raising $870 million at an opening valuation of $20 billion.
2023Shopify
Divestiture of Logistics Arm Deliverr
Shopify divests its capital-intensive fulfillment network to Flexport, shedding heavy logistics overhead and refocusing on high-margin software and enterprise retail.
2023Toast
Expands to Canada, UK and Ireland; Crosses 100,000 Locations
Began selling outside the US and passed 100,000 restaurant locations.
2024Toast
Aman Narang Appointed CEO & Toast Achieves GAAP Profitability
Co-founder Aman Narang became CEO on January 1, 2024; Toast reported $19 million of GAAP net income for the year, its first annual profit.
2025Shopify
Surpassing $11.55 Billion in Annual Revenue
Shopify reports $11.556 billion in revenues, $1.231 billion in net income, and transfers its primary US stock listing to Nasdaq under ticker SHOP.
2025Toast
Revenue Reaches $6.15B and Net Income $342M
Added a record 30,000 net locations to about 164,000 and processed about $195 billion in GPV.
2026Shopify
Q2 2026 Growth Accelerates
Shopify reports 34% revenue growth and $115.6 billion of GMV for Q2 2026, after authorizing a $2 billion share buyback in February.
2026Toast
About 180,000 Locations and $2.4B ARR by Mid-Year
Q2 2026 revenue rose 23% to $1.91 billion with a record 9,500 net location adds.
Acquisitions
Shopify
- Deliverr2022$2.1B
- Handshake2019Undisclosed
- 6 River Systems2019$450M
- Boltmade2016Undisclosed
- Kit CRM2016Undisclosed
- Tiny Hearts2016Undisclosed
Toast
- Delphi Display Systems2023Undisclosed
- xtraCHEF2021Undisclosed
- Sling2021Undisclosed
Questions about Shopify vs Toast
Who is the CEO of Shopify Inc. and Toast, Inc.?
Shopify Inc. is led by Tobi Lütke and Toast, Inc. is led by Aman Narang. Both serve as the top executive responsible for the company's strategy, operations, and financial performance.
When was Shopify Inc. founded vs Toast, Inc.?
Shopify Inc. was founded in 2006 — 5 years before Toast, Inc., which was founded in 2011. Shopify Inc.'s longer operating history gives it a deeper track record but also potentially more institutional inertia compared to the younger Toast, Inc..
How many employees does Shopify Inc. have compared to Toast, Inc.?
Shopify Inc. employs approximately 7,600 people, while Toast, Inc. employs approximately 6,500. Shopify Inc. has the larger workforce at 7,600 employees, compared to Toast, Inc.'s 6,500. A higher headcount does not necessarily imply greater efficiency — it often reflects differences in business model (e.g., manufacturing vs. software).
Where are Shopify Inc. and Toast, Inc. headquartered?
Shopify Inc. is headquartered in Canada and Toast, Inc. is headquartered in United States. Their different home markets mean they may face different regulatory frameworks, tax regimes, and currency exposure.
Who founded Shopify Inc. and Toast, Inc.?
Shopify Inc. was founded by Tobias Lütke, Daniel Weinand, Scott Lake. Toast, Inc. was founded by Aman Narang, Steve Fredette, Jonathan Grimm.
Which company has a longer operating history — Shopify Inc. or Toast, Inc.?
Shopify Inc. has been operating for approximately 20 years, making it the more established of the two companies. Toast, Inc. has been in operation for around 15 years. A longer operating history often signals greater institutional resilience and brand recognition, though it can also mean slower adaptation to new market conditions.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Shopify vs Toast overview