Loop Raises Over $10M CAD to Transform Cross-Border Banking
September 17 2024 - 6:00AM
Business Wire
With a recent fundraise of $6.4M CAD, the
fintech startup has raised over $10 million in total equity
financing since launching in 2022, continuing on its mission to
build a global financial services platform for growing
businesses.
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.
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