Loonio

Name

Loonio

Legal name

Loonio

Website

https://loonio.ca

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Online Payment Processing

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

akta.pro secondary industries

Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE), POS-to-Online Unified Payments (Omnichannel Payments) (CRAFALAL)

Keywords

• Online payment processing
• Interac e-Transfer payments
• Bank-to-bank transfers
• Checkout payment API
• Direct banking payments

Headquarters

HQ city

Edmonton

HQ country

Canada

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Payment Processing Fees: Loonio charges merchants transaction fees for processing Interac® e-Transfer and online banking payments. The platform acts as a payment facilitator connecting shoppers' banks with merchant accounts.
2. API Integration Services: Provides API integration and plug-and-play solutions for retailers to integrate the payment platform into their e-commerce systems.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Loonio operates a Canadian online payment platform that enables shoppers to pay for purchases directly from their bank account via Interac e-Transfer and online banking credentials, without card numbers or account registration. For merchants, Loonio provides an API and plug-and-play integration that embeds these bank-to-bank payment options into e-commerce checkout flows, delivering real-time transaction confirmation and digital PAD agreement management.

Product overview

Loonio is a unified Canadian payment platform offering Interac e-Transfer and online banking payment services for both shoppers and retailers. The core Loonio Payment Platform enables direct bank transfers during online checkout, while the Loonio API allows merchants to integrate these payment capabilities into their existing systems. The Digital PAD Management module provides digital management of Pre-Authorized Debit agreements. Together, these products provide end-to-end payment processing from checkout through fund settlement.

Differentiator

Problem solved

Functional benefit

Products and services

• Loonio Payment Platform A Canadian payment platform that enables online and in-app checkout payments through Interac e-Transfer and online banking direct bank transfer, allowing customers to pay using their online banking credentials without leaving the merchant's website and without account registration.
• Loonio API A developer API that enables merchants to integrate Loonio's Interac e-Transfer and online banking payment processing into their existing e-commerce systems, with plug-and-play integration options and automated synchronization of payment information including recipient, amount, and purpose.

Quantifiable outcome

• Over 20 million Canadians can pay online using online banking through Loonio's network of 100+ financial institutions
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Interac®coreTechnology or IntegrationInterac® is the core payment network powering Loonio's e-Transfer and online banking payment services. Loonio integrates with Interac® e-Transfer and Request Money features, enabling real-time bank-to-bank transfers for Canadian consumers and merchants. Interac® provides the underlying infrastructure for authentication, fund transfer, and transaction confirmation.
• Canadian Banks and Credit Unions (100+)coreTechnology or IntegrationLoonio connects to over 100 Canadian banks and credit unions, enabling their customers to pay using online banking credentials. This network provides broad coverage across the Canadian financial system, allowing shoppers to pay from their preferred financial institution.

Scale indicators3 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Stripe: Stripe is a global payment processor that already supports Interac® online in Canada and provides hosted checkout APIs for merchants. Loonio competes for the same merchant checkout decision but with a card-free, A2A-only model rather than Stripe's full multi-method suite.
• PayPal: PayPal is a global incumbent in alternative online payment methods and serves Canadian shoppers and merchants. PayPal competes for the same 'alternative-to-credit-card' checkout slot that Loonio targets, though via wallet-based rather than direct bank authentication.

Emerging players

• Klarna: Klarna is a global alternative payment provider with Pay Now (direct bank payment via Trustly) and BNPL offerings. The Pay Now / direct bank transfer product specifically overlaps with Loonio's A2A checkout value proposition in the broader alternative-payments category.

Others

• Interac Corp. Interac® is the underlying payment network that Loonio relies on for e-Transfer and Request Money functionality. While not a direct competitor to Loonio today, Interac® sets the rules of the rail and could itself launch competing merchant-facing checkout products.

Direct peers

• Trustly: Trustly is one of Europe's largest account-to-account payment initiation providers, enabling shoppers to pay merchants directly from their bank accounts via online banking credentials. Loonio effectively performs the same PISP function for the Canadian market using the Interac® rail, making Trustly the closest functional analog.
• TrueLayer: TrueLayer is a UK-based open banking payments platform that initiates payments directly from a shopper's bank account at checkout. Loonio's model of authenticating via online banking credentials and settling via bank transfer closely mirrors TrueLayer's PISP offering.
• Plaid: Plaid is a leading bank connectivity and account-to-account data and payments infrastructure provider. While Plaid is broader in scope, its payments and account-linking products compete in the same conceptual category as Loonio's bank-authenticated checkout flow.
• Token.io: Token.io is an open banking payment initiation provider enabling bank-to-bank payments at checkout for merchants across Europe. It is one of the closest functional comparables to Loonio's PISP-style, bank-authenticated checkout model.

Regional players

• Moneris: Moneris is one of Canada's largest payment processors, providing merchant acquiring and gateway services to Canadian retailers. It competes for the same Canadian e-commerce checkout slot as Loonio, though Moneris historically focused on card-based acceptance.
• Nuvei: Nuvei is a Canadian-headquartered global payment processor offering acquiring, gateway, and alternative payment methods. As a Canada-rooted competitor with an APM stack, it represents a relevant regional incumbent competing for the same merchant relationships.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/loonio

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 Loonio