Shopify is now Canada's most valuable company, according to the latest figures on the TSX.

On Wednesday afternoon, the Canadian e-commerce platform overtook the Royal Bank of Canada as the nation's largest public company, with its stock price surging past $120 billion.

Shopify is the third Canadian tech company to occupy the top position, following in the footsteps of Nortel and Blackberry.

There it is. @Shopify is now the most valuable company in Canada. pic.twitter.com/To8gSnXtyf

— 𝙅𝘼𝙈𝙀𝙎 🤨 𝙈𝘾𝙇𝙀𝙊𝘿 (@jamespmcleod) May 6, 2020

Shopify's new position as a market leader is particularly staggering, considering how young the tech company is.

The Royal Bank of Canada has been around since 1869; Shopify, on the other hand, was co-founded in 2004 and was initially positioned as an online store for snow boarding equipment.

Shopify didn't even make its debut on the stock market until 2015, and it priced its initial public offering at only $17 per share.

Shopify is now 🇨🇦's most valuable company w/ a market cap of over $120b.

A mere 14 years after @tobi launched the website.

A mere 5 years after the company IPO'ed.

Congrats, team @shopify - what an incredible 🚀 you have built!

— Boris Wertz (@bwertz) May 6, 2020

As more Canadians stay indoors due to social distancing efforts, the platform is seeing an increased number of orders.

Just two weeks ago, the company's chief technology officer, Jean-Michel Lemieux, said the company was seeing sales volumes on its platform that rival Black Friday.

As we help thousands of businesses to move online, our platform is now handling Black Friday level traffic every day!

It won't be long before traffic has doubled or more.

Our merchants aren't stopping, neither are we. We need 🧠to scale our platform.https://t.co/e2JeyjcEeC pic.twitter.com/6lqSrNUCte

— Jean-Michel Lemieux (@jmwind) April 16, 2020

So, basically, Canada is buying a heck of a lot of Kylie cosmetics, Heinz ketchup, workout gear and other products online during lockdown, which has contributed to Shopify's success.

And with at least some social distancing measures in place across Canada until a vaccine is found, Shopify's success will likely only continue to grow in the coming months.