Canadian fintech startup Loop raises $6.4 additional funding to transform cross-border banking

Loop, a Toronto-based fintech startup, has announced an additional raise of $6.4 million in funding. Coupled with $4 million secured in 2022, Loop has raised over $10 million to date on its mission to enable companies to seamlessly manage their financial services and global payments and simplify 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.

Cato Pastoll, CEO and Co-founder, Loop: ''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. 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.

Raif Barbaros, Partner, Mistral Venture Partners: ''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.''

David Nault, General Partner, Luge Capital: ''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.''

www.bankonloop.com

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