Loop
Loop Financial Inc. is a Toronto-based fintech providing Canadian SMBs with multi-currency business accounts (CAD, USD, EUR, GBP), FX-free corporate Visa cards, international payments, and working capital, integrated via direct API connections to QuickBooks, Xero, and Wave.
- Company typePrivate
- Founded2020
- HeadquartersToronto, Canada
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Loop does
Loop Financial Inc. is a Toronto-based financial technology company founded in 2020 that operates a digital business banking platform targeted at Canadian small and mid-sized businesses with cross-border financial needs. Its product surface spans multi-currency accounts (CAD, USD, EUR, GBP), corporate Visa credit cards with no foreign exchange fees, international payments (EFT, ACH, SEPA, wires), FX conversion, invoicing, expense management, contractor payouts, and a working capital facility of up to CAD$1M per business. The platform is differentiated by direct API integrations with Wave, QuickBooks Online, and Xero — replacing legacy screen-scraping — and by a regulated operating stack that includes FINTRAC MSB registration, Bank of Canada Retail Payment Activities Act PSP supervision (via Loop Payments Inc.), and FDIC-insured US accounts through Lincoln Savings Bank, with Visa card issuance by Equitable Bank.
The company monetizes through a three-tier subscription (Basic free, Plus CAD$79/month, Power CAD$299/month), FX margins (0.1-0.5% on conversions, 0.5% on card spend), interchange on card transactions, and interest/fees on its credit facilities. Distribution is product-led via self-serve digital onboarding, augmented by a field sales motion for enterprise accounts and channel partnerships with accounting software platforms. As of 2024-2026 disclosures, Loop reports 3,000+ business customers and CAD$6.4M in seed funding (September 2024, led by Mistral Venture Partners) and is positioning for further vertical, product, and ecosystem expansion.
Loop firmographics
Firmographics- Name
- Loop
- Legal name
- Loop Financial Inc.
- Website
- https://bankonloop.com
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Loop Financial Inc. is a Toronto-based fintech providing Canadian SMBs with multi-currency business accounts (CAD, USD, EUR, GBP), FX-free corporate Visa cards, international payments, and working capital, integrated via direct API connections to QuickBooks, Xero, and Wave.
- Ownership category
- akta.pro rank
Loop industry classification
Industry- Product category
- Digital Business Banking
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Credit Card Issuing (52221)
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)
- akta.pro secondary industries
- Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG), Cross-Border & FX Payments Platforms (BPAMAFAK), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB)
Keywords
Where Loop is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Loop business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Subscription Plans: Three-tier subscription model: Basic (free), Plus ($79 CAD/month), and Power ($299 CAD/month). Higher tiers unlock additional features, lower FX rates, and enhanced rewards.
- Foreign Exchange Margin: 0.5% markup on FX conversions when settling in non-base currencies. Significantly lower than traditional banks (3-4%) and competitive with online FX providers.
- Interchange Revenue: Earned on corporate credit card transactions. Rewards program funded through interchange with earn rates varying by plan tier and currency.
- Capital/Credit Facility: Revenue from credit facilities extended to businesses, including interest and fees on loans up to $1M.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Loop Basic - Free tier with essential multi-currency banking features |
| Subscription | Monthly | Loop Plus - $79 CAD/month with enhanced features |
| Subscription | Monthly | Loop Power - $299 CAD/month for maximum features and lowest rates |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Loop product offering
Product offeringCore offering
Loop provides a unified digital business banking platform for Canadian small and mid-sized businesses, combining multi-currency accounts (CAD, USD, EUR, GBP) with no-FX corporate Visa cards, international payments, FX conversion, working capital up to CAD$1M, expense management, contractor payouts, and direct API integrations with Wave, QuickBooks Online, and Xero accounting software. The platform is delivered through a self-serve online onboarding model and a mobile app, with deposits held in trust at regulated Canadian and US financial institutions.
Product overview
Loop is a Canadian business banking platform offering a unified financial platform for SMBs. The core offering centers on Global Banking (multi-currency accounts in CAD, USD, EUR, GBP with CDIC/FDIC protection) integrated with Corporate Credit Cards that eliminate FX fees. The platform includes Send Payments for international transfers, Bill Customers for invoicing, and FX services for currency conversion. Additional modules include Capital (up to $1M credit facilities), Expense Management, and Pay Contractors. Loop Plus ($79/month) and Loop Power ($299/month) are premium tiers building on the free Basic plan. The platform integrates directly via API with QuickBooks Online, Xero, and Wave accounting software. Loop recently launched Direct API Connectivity, replacing legacy screen-scraping with secure API connections.
Differentiator
Problem solved
Functional benefit
Products and services
- Corporate Credit Cards Multi-currency corporate Visa credit cards issued by Equitable Bank that allow Canadian businesses to spend and repay in CAD, USD, EUR, and GBP without foreign exchange fees. Balances are displayed per currency and can be settled in the currency spent, and rewards points are funded through interchange revenue.
- Global Banking (Multi-Currency Accounts) Multi-currency business banking accounts in CAD, USD, EUR, and GBP with local account and routing numbers (US ACH, UK sort code, EU IBAN) for receiving, sending, and storing funds internationally. CAD deposits are CDIC-insured and US Dollar Business Accounts are FDIC-insured up to $250,000 via Lincoln Savings Bank.
- Send Payments (Accounts Payable) International payment services enabling Canadian businesses to send payments globally via EFT, ACH, SEPA, and Wires while eliminating 1-5% in FX fees on cross-border transfers.
- Bill Customers (Billing) Invoice and payment collection services that allow businesses to bill customers domestically and internationally and receive funds into their Loop multi-currency accounts.
- Foreign Exchange (FX) Currency conversion services offering institutional-grade FX rates to Canadian SMBs, with 0.1%-0.5% FX markup on conversions and 0.5% markup on card currency settlements, materially below traditional bank rates.
- Capital (Business Credit Facilities) Business credit facilities providing access to up to CAD$1M in capital for Canadian SMBs, including revolving credit card loans and credit that scales with business growth. Operated by Loop Funding Inc.
- Expense Management Spend tracking and expense reporting with digital receipt capture and matching capabilities for managing employee and company spending.
- Pay Contractors Payment services enabling businesses to pay contractors and freelancers domestically and internationally as part of Loop's accounts payable workflow.
- Loop Mobile App Mobile banking application for iOS and Android that enables Loop customers to manage multi-currency accounts, corporate cards, transactions, and expense workflows on the go.
- Direct API Accounting Connectivity (Wave, QuickBooks Online, Xero) Direct API connectivity that integrates Loop multi-currency banking data with Wave, QuickBooks Online, and Xero accounting platforms, automatically syncing transactions, eliminating duplicate entries, and removing the downtime and reconnection issues common with screen-scraping integrations.
Quantifiable outcome
- Businesses save an average of $40,000 annually
- +5 more outcomes
Companies that use Loop
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles4 records
Loop technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature4 records
Loop partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core.
- WavecoreLoop partnered with Wave to launch the first direct API integration between a Canadian business banking provider and Wave's accounting platform. Replaces unreliable screen-scraping method with secure, stable API connections. Enables automatic sync of banking transactions with Wave's accounting software, multi-currency support for USD, EUR, GBP, and includes promotion offering 6 months of Wave Pro Plan free to new Loop customers.
- QuickBooks OnlinecoreLoop launched Direct API Connectivity for QuickBooks Online, making Loop the first business banking provider in Canada to build dedicated API infrastructure for this accounting platform. Feature eliminates downtime and provides cleaner transaction data.
- XerocoreLoop launched Direct API Connectivity for Xero, making Loop the first business banking provider in Canada to build dedicated API infrastructure for this accounting platform. Replaces legacy screen-scraping with secure, tokenized API connections.
- Lincoln Savings BankcoreUS operating bank partner providing FDIC-insured US Dollar Business Accounts for Loop customers. Member FDIC with coverage up to $250,000 per depositor.
- Equitable BankcoreCard issuer for Loop Global Visa Card, providing corporate credit card services pursuant to Visa license.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Loop competitors and assessment
Company assessmentEmerging players
- Neo Financial: Neo Financial is a Canadian fintech expanding into business financial products, partially overlapping Loop's SME banking target market.
Broad incumbents
- RBC: Royal Bank of Canada is Canada's largest bank with full-service business banking, FX, and corporate cards; it is the incumbent Loop is positioning against with its lower-cost multi-currency offering.
- Wealthsimple: Wealthsimple is a leading Canadian fintech offering a broad suite of financial products; it represents a domestic incumbent competitor with greater brand recognition and capital base.
Direct peers
- Wise: Wise (formerly TransferWise) provides multi-currency business accounts and low-cost cross-border payments, directly competing with Loop's Global Banking and Send Payments offerings for Canadian SMEs with international operations.
- Mercury: Mercury offers USD business banking and corporate cards to startups and SMBs with strong accounting software integrations, closely paralleling Loop's banking + cards + API integrations stack.
- Airwallex: Airwallex provides multi-currency business accounts, corporate cards, and cross-border payments globally, directly competing with Loop on FX pricing and international payment rails.
- Revolut Business: Revolut Business offers multi-currency accounts, corporate cards, and expense management for SMEs, overlapping Loop's core product suite for cross-border SMBs.
- Brex: Brex combines corporate cards, business banking, and expense management for startups and SMBs, directly comparable to Loop's cards + banking + expense management offering.
- Ramp: Ramp provides corporate cards and expense management with strong accounting software integrations, overlapping Loop's Corporate Cards and Expense Management products.
- Pleo: Pleo offers corporate cards and expense management for SMBs across Europe, comparable to Loop's card + expense stack, though Pleo is primarily Europe-focused.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Loop social profiles
Digital presenceLoop compliance and trust
Trust signalCompliance4 records
Loop financial estimates
Financial estimateRevenue estimate
Valuation estimate
Loop leadership team
Management profileNumber of profiles
Profiles1 record
Loop subsidiaries and ownership
Company hierarchySubsidiaries4 records
Loop funding detail
Funding detailFunding overview
Funding rounds1 record
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Loop M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Loop
What does Loop do?
Loop provides a unified digital business banking platform for Canadian small and mid-sized businesses, combining multi-currency accounts (CAD, USD, EUR, GBP) with no-FX corporate Visa cards, international payments, FX conversion, working capital up to CAD$1M, expense management, contractor payouts, and direct API integrations with Wave, QuickBooks Online, and Xero accounting software. The platform is delivered through a self-serve online onboarding model and a mobile app, with deposits held in trust at regulated Canadian and US financial institutions.
Is Loop a public or private company?
Loop is a private company. It is classified as venture growth investor backed and is currently operating.
When was Loop founded?
Loop was founded in 2020. It employs 11 to 50 people.
Where is Loop based?
Loop is headquartered in Toronto, Canada, in the North America region.
How does Loop make money?
Four revenue lines are on record. Subscription Plans are the primary driver. The others are foreign Exchange Margin, interchange Revenue and capital/Credit Facility.
Who are Loop's main competitors?
Neo Financial is listed as an emerging player. Broad incumbents are RBC and Wealthsimple. Direct peers are Wise, Mercury, Airwallex, Revolut Business, Brex, Ramp and Pleo.
Does Loop have an API?
Yes. Loop offers direct API connectivity for accounting platforms, specifically QuickBooks Online, Xero, and Wave. This integration replaces legacy screen-scraping technology with secure, tokenized API connections that eliminate frequent connection breaks, duplicate transactions, and manual data entry issues. Loop claims to be the first Canadian business banking provider to offer direct API integration with these accounting platforms.
What industry is Loop in?
Loop's product category is Digital Business Banking. Its primary akta.pro industry code is FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services, with a secondary code of FSABAIAG, Corporate Cards & Expense Solutions (T&E, purchasing, fleet). Its NAICS code is 52232 and its SIC code is 6199.