TORONTO--(BUSINESS WIRE)--Loop, the global financial platform used by thousands of Canadian businesses to manage their international finances, is thrilled to announce the launch of the Loop Global Visa Card - Canada’s first card tailored specifically for small and medium-sized enterprises (SMEs) that need to manage cross-border purchasing. This will be one of the first-ever corporate credit card solutions for Canadian businesses, enabling them to spend and settle credit balances in multiple currencies.
As cross-border trade continues to grow in Canada, reaching an impressive $965.1 billion CAD in international exports and imports in 2023, the Loop Global Visa Card enables businesses to effectively manage payments across multiple currencies while benefiting from the ability to conduct local settlement. This first-of-its-kind card helps Canadian businesses streamline the management of cross-border transactions and global operations.
Key Features of the Loop Global Visa Card:
- Multi-Currency Settlement: The first corporate credit card that enables businesses to manage purchasing in CAD, USD, EUR, and GBP and use the same local currency to settle statement balances. This allows companies to better manage their foreign currency exposure and avoid foreign exchange costs altogether.
- Optimized Conversion: Customers can leverage Loop’s market-leading FX rates to automatically convert from their other balances to the currency of settlement to further minimize the cost of transacting internationally.
- Custom Spend Controls: With Loop’s enhanced spend management platform, companies can issue physical or virtual cards and control each card by creating limits for total or recurring spend, restricting cards to specific purchasing categories, limiting transactions to certain currencies, and more.
- Employee Misuse Protection: Provides peace of mind to business owners and finance teams with automatic coverage of up to $25,000 per cardholder for unauthorized transactions.
- Enhanced Global Acceptance: Ensures comfort knowing you can set up your cards to make purchases almost anywhere, including with local vendors or any merchant who accepts Visa credit cards worldwide.
- No Annual Fees: Businesses can apply and be approved for the Loop Global Visa Card enjoying no annual fees - empowering businesses with an edge in global trade and financial management.
- Configurable Expense Management: Businesses can easily configure expense management with customizable approval flows and integrated digital receipt capture by SMS or e-mail.
- Integrated Platform: The Loop Global Visa Card is built into Loop’s entire financial platform – pairing the most powerful card with the features of our industry-leading, robust treasury management, FX management, and FX and global payments solution.
“The launch of the Loop Global Visa Card represents a significant advancement for Canadian businesses engaged in international trade,” said Cato Pastoll, CEO of Loop. “This innovative card simplifies the process for finance teams who often manage transactions across multiple currencies, allowing businesses to operate more efficiently and effectively in today’s global marketplace. With this card, we empower companies to operate almost anywhere with local currency cards that both reduce costs and the complexity of managing a globally connected business.”
"Canadian businesses should have a mechanism to have more control and flexibility in the way they pay, and this product provides that," said Chris Ferron, Vice President, Fintech Partnerships at Visa. "We are excited to collaborate with Loop and EQ Bank to empower Canadians with payment options to help them grow their business and access the global economy through digital payments."
“Empowering small businesses is central to EQ Bank’s mission, and our partnership with Loop exemplifies our commitment to expanding financial options for Canadian SMEs,” said Mahima Poddar, SVP and Group Head of Personal Banking at EQ Bank. “We’re proud to back the Loop Global Visa Card with our first credit card use case to equip Canadian SMEs with the tools they need to thrive in today’s competitive global market. This collaboration will enable businesses to navigate cross-border transactions with greater ease and confidence.”
To learn more about the Loop Global Visa Card, visit www.loopcard.ca*.
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’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.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About EQ Bank
Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to nearly 700,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $127 billion in combined assets under management and administration (as at October 31, 2024). Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.
*Restrictions:
- The Loop Visa Card can only be used for Transactions for business or corporate purposes by businesses resident in Canada and not for personal, family or household purposes and is not available for use by sole proprietors residing in Quebec.
- Use of the Loop Visa Card in certain countries may be restricted by law or at our discretion.
- You do not have the right to stop the payment of any Transaction you conduct with the Loop Visa Card.
- You may not use your Loop Visa Card to commit or facilitate illegal activity.
- The Business Cardholder may set specific spending limits or controls for Authorized
- Users, but the aggregate spending limit for all Cardholders may not exceed the total spending limit established by the Business Cardholder.
