Global fintech and funding innovation ecosystem

Lending Loop Launches ‘Loop Card’ for Small Business Cross-border Transactions

Betakit | | Apr 21, 2022

Loop - Lending Loop Launches 'Loop Card' for Small Business Cross-border TransactionsLending Loop has launched Loop to provide a wider range of financial services for e-commerce businesses. The company’s first product is a corporate card specifically for cross-border transactions. The card allows companies to purchase in multiple currencies without fees. It also provides an extended repayment grace period, and credit limits based on sales rather than personal assets, which is often the case when entrepreneurs look to access corporate cards through banks.

In pivoting from lending to a broader financial services play, Loop has entered an increasingly competitive market. In the United States, well-capitalized players like Brex, Ramp, and Jeeves have created corporate cards tailored to startups. And in Canada where the market is still fairly bare, up and comer Float has attracted more than 1,000 customers in the last year alone.

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However, Pastoll is adamant that Loop’s product is different from the others, specifically targeting Canadian-based e-commerce businesses that are doing business internationally.

“Our product is specifically built for this customer segment that is doing business cross border,” said Pastoll. “And we’re understanding the two key things: working capital and needing to move money seamlessly and cost-effectively around the world. Those are like core tenants that are important to e-commerce businesses.”

Businesses can spend and make payments in CAD, USD, GBP and EUR currencies without foreign exchange rate conversions and fees. The Loop Card also provides 55 days of interest-free spending, which the startup argues is the longest interest-free period in the industry.  For businesses involved in freight shipping from canada to us, such features can be particularly beneficial in managing cross-border transactions efficiently.

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“The reason we’re offering that value prop is because we listened to e-commerce founders and heard, ‘I need the ability to basically push my expenses down the road so I can grow my business,’” said Pastoll.

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NCFA Jan 2018 resize - Lending Loop Launches 'Loop Card' for Small Business Cross-border TransactionsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit:

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