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

April 21, 2022 Digital, NEO, Open Banking, Open Finance, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Marketplace Lending/P2P, Online Lending, BNPL, Online Funding / Investing Portals, Payments, Transfers, Rewards No comments

Betakit | Meagan Simpson | Apr 21, 2022

Loop - Lending Loop Launches 'Loop Card' for Small Business Cross-border Transactions Lending 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.

See: Fintech Card Space is Growing: Brim Financial, Float, Caary Capital, Jeeves, Neo Financial

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.

See: Fintech Fridays EP46: Making Business Borderless: International Payments and Partnerships

“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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