Toronto-based fintech Loop has introduced the Loop Global Visa Card, Canada’s first corporate credit card designed specifically for small and medium-sized enterprises (SMEs) to streamline cross-border purchasing.
The card allows businesses to spend and settle balances in multiple currencies, addressing the practical needs of Canadian companies engaged in international trade.
With cross-border trade in Canada reaching $965.1 billion CAD in 2023, the Loop Global Visa Card provides a straightforward way to manage payments in CAD, USD, EUR, and GBP. By enabling local settlement in these currencies, the card helps businesses reduce foreign exchange costs and improve operational efficiencies.
The Loop Global Visa Card offers several innovative features designed to simplify international spending for SMEs. It supports multi-currency settlement, allowing businesses to spend and settle balances in CAD, USD, EUR, and GBP, effectively reducing foreign exchange costs.
The card also leverages Loop’s market-leading FX rates for automatic currency conversion, minimizing the expense of international transactions. Companies can issue both physical and virtual cards with customizable controls, such as spending limits, category restrictions, and currency-specific settings.
Additionally, the card provides protection against employee misuse, covering unauthorized transactions up to $25,000 per cardholder. With no annual fees, integrated expense management tools, and acceptance at merchants worldwide that support Visa, the Loop Global Visa Card delivers a comprehensive solution for cross-border financial management.
“The Loop Global Visa Card represents a significant advancement for Canadian businesses engaged in international trade,” said Cato Pastoll, CEO of Loop. “It simplifies transactions across multiple currencies, reducing costs and operational complexity for finance teams.”
Chris Ferron, Vice President of Fintech Partnerships at Visa, echoed the sentiment: “Canadian businesses now have more control and flexibility in managing payments, enabling them to grow and access the global economy through digital solutions.”
Loop’s collaboration with EQ Bank further underscores its commitment to empowering SMEs. “This partnership equips Canadian businesses with the tools they need to thrive in a competitive global market,” said Mahima Poddar, SVP and Group Head of Personal Banking at EQ Bank.
In September 2024 the Toronto-based fintech announced a $6.4 million funding round powered by Luge Capital, Graphite Ventures, Conconi Growth Partners, Mistral Ventures, Wedbush Ventures, and Web Ventures. The round brought the startup’s total fundraising to more than $10 million.
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