Loop provides a multi-currency banking platform that enables businesses to manage international payments, local accounts, and corporate credit cards without incurring foreign exchange fees. By eliminating 1-5% in FX costs and offering access to up to $1 million in capital, Loop helps companies streamline their global financial operations and enhance cash flow.
Funding
$4.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Businesses face challenges managing international payments, maintaining local accounts in multiple currencies, and accessing corporate credit cards without incurring substantial foreign exchange fees, which can erode profitability and complicate financial operations. Traditional banking solutions often lack transparency in FX rates and impose significant markups, creating unnecessary costs for companies engaged in cross-border transactions.
Solution
Loop provides a multi-currency banking platform designed to streamline global financial operations for businesses, eliminating FX fees and offering access to capital. The platform enables businesses to open local accounts in USD, EUR, and GBP, facilitating the receipt and sending of local payments without double conversions. Loop's multi-currency corporate credit cards allow spending in various currencies with no FX fees, while providing credit limits that scale with business performance. By offering transparent FX rates and integrated financial management tools, Loop helps businesses save money, reduce complexity, and accelerate global growth.
Target Audience
Loop primarily targets Canadian small and medium-sized enterprises (SMEs), e-commerce businesses, and entrepreneurs engaged in international trade, as well as Amazon sellers and retail brands seeking to expand globally.
Features
- Multi-currency corporate credit cards that eliminate FX fees on international spending
- Local business accounts in USD, EUR, and GBP for receiving and sending payments
- Global banking platform to manage international payments and currency conversions
- Access to up to $1 million in capital with credit limits based on business performance
- Integration with accounting software for streamlined expense management
- Transparent FX rates with a 0.5% markup for currency conversions
- Ability to send USD e-transfers
- Expense tracking via email receipts