TORONTO--(BUSINESS WIRE)--Loop, the global financial solution for businesses to manage their international finances, simplifying cross-border payments, currency exchange, and treasury management, announces today an additional raise of $6.4 million CAD in funding. Coupled with $4 million CAD secured in 2022, Loop has raised over $10 million CAD to date on its mission to enable companies to seamlessly manage their financial services and global payments, and simplify their financial workflows.
This latest funding round was provided by prominent investors including Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures, Conconi Growth Partners and more. Loop will use this funding to further bolster the company’s growth and accelerate its mission to build the first global-by-default financial services solution for businesses.
“Modern companies are built to operate globally, yet the process of setting up banking services to conduct business in a foreign market in order to send, receive and manage money is an expensive and challenging barrier to overcome for businesses,” said Cato Pastoll, CEO and co-founder of Loop. “We’re excited to take the next step forward on our mission to help businesses grow faster globally by providing them with the key tools required to manage their money internationally. With the support from our investors, Loop will be able to move even faster on our mission to build a financial services offering that is truly global-by-default.”
Loop launched in 2022 as a solution to address major pain points small and medium-sized businesses face as they grow their operations. Issues of high banking fees, time-consuming payment processes and difficulty navigating cross-border money movement are just a few of the gaps that finance teams struggle with in their day-to-day process. Loop empowers companies with a seamless platform to manage their international finances, simplify cross-border payments, currency exchange, and treasury management, eliminating the cost and friction for merchants conducting business in multiple currencies.
“Although most US and Canadian exporters are SMBs, they are grossly underserved by the large banks, especially in cross-border banking. Loop’s innovative platform is unlocking global growth opportunities for these businesses. We’ve doubled down on our investment because we believe in the overall thesis, as well as the Loop team to lead this transformation. We’re excited to support their continued success,” said Raif Barbaros, Partner at Mistral Venture Partners.
“It’s a challenge for small businesses that expand internationally to find a true banking partner that can serve their needs in multiple geographies and currencies. Loop’s platform perfectly serves the needs of those businesses and is well positioned to capture this growing opportunity,” said David Nault, General Partner at Luge Capital.
To learn more about Loop, visit bankonloop.com.
About Loop
Loop Financial Inc. offers a globally integrated finance platform that empowers small to mid-sized businesses to efficiently manage their international financial operations, including payments, foreign exchange, and treasury functions, with the ease and sophistication previously only accessible to large enterprises. Thousands of Canadian businesses use Loop to manage and streamline their global payments. Loop was created as an evolution of its original incarnation Lending Loop in 2022, when the company broadened its offering beyond small business lending to support businesses with other financial products to support their growth. Loop’s mission is to enable businesses to seamlessly manage money around the world so they can access additional markets, accelerate growth, and simplify operations. For more information, visit bankonloop.com.
