Loop, a global financial solution for businesses to manage international finances, simplifying cross-border payments, currency exchange, and treasury management, announced an additional C$6.4 million in funding. Combined with C$4 million secured in 2022, Loop has raised C$10+ million 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 such as Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures, Conconi Growth Partners. Loop will use this funding to support the company’s growth further and accelerate its mission to build the first global-by-default financial services solution for businesses.
Loop launched in 2022 to address the 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. And Loop enables 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.
KEY QUOTES:
“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.”
-Cato Pastoll, CEO and co-founder of Loop
“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.”
-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.”
-David Nault, General Partner at Luge Capital
