Loop

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.

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

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

• Multi-currency business banking
• Corporate credit cards
• Cross-border payments
• Foreign exchange services
• Small business lending

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. 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.
2. 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.
3. Interchange Revenue: Earned on corporate credit card transactions. Rewards program funded through interchange with earn rates varying by plan tier and currency.
4. Capital/Credit Facility: Revenue from credit facilities extended to businesses, including interest and fees on loans up to $1M.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core 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

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• WavecoreTechnology or Integration · 3 March 2026Loop 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 OnlinecoreTechnology or Integration · 24 February 2026Loop 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.
• XerocoreTechnology or Integration · 24 February 2026Loop 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 BankcoreOthersUS operating bank partner providing FDIC-insured US Dollar Business Accounts for Loop customers. Member FDIC with coverage up to $250,000 per depositor.
• Equitable BankcoreOthersCard issuer for Loop Global Visa Card, providing corporate credit card services pursuant to Visa license.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Emerging 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

• LinkedInlinkedin.com/company/loop-financial
• Instagraminstagram.com/bankonloop

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Loop