Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Loop & EQ Bank Launch Multi-Currency Card for Canadian SMEs
Loop | Release | Dec 11, 2024
Image courtesy of Loop
Loop and EQ Bank Partner to Launch Canada’s First Multi-Currency SME Credit Card
Canadian financial platform for businesses, Loop, in partnership with EQ Bank have launched the Loop Global Visa Card, Canada's first multi-currency corporate credit card tailored for small and medium-sized enterprises (SMEs). The card simplifies cross-border transactions and offers SMEs the flexibility to operate in multiple currencies.
Why This Matters for Canadian SMEs
For many SMEs doing business overseas is riddled with high fees, unfavorable exchange rates, and complex expense tracking, creating significant barriers for companies looking to export abroad, especially in the face of global trade challenges like Trump's recent 25% tariff threat on imports. Loop is stepping up to provide smarter, lower-cost solutions specifically for the Canadian business landscape. With only 12.1% of Canadian SMEs exporting goods and services as of 2020, tools like the Loop Global Visa Card are designed to simplify international payments and reduce costs, helping more businesses operate globally.
In 2023, 97% of exporting firms were SMEs, contributing about 40% of Canada's total export value per the Canadian Federation of Independent Businesses trade research. The global marketplace is increasingly accessible yet Canadian SMEs face challenges in international trade with high barriers to entry in foreign markets compared to larger firms.
See: Loop Raises $6.4M CAD for SMB Global Finance Platform
Innovations like the Loop Global Visa Card can help level the playing field by streamlining financial complexities. Further, there's lots of room for growth. According to Global Affairs Canada in 2023, Canada's international trade reached a record $965.1 billion CAD but only 12.1% of Canadian SMEs were engaged in exporting goods and services (as of 2020).
Let's look at a couple of practical examples:
Save on forex rates - a Canadian e-commerce company sources products from Europe. With the Loop Global Visa Card, they can pay suppliers in EUR without incurring foreign exchange fees, reducing costs and simplifying accounting.
Issuing payroll smoothly in local currencies - a tech startup employs remote developers in the U.S. The card allows them to issue virtual cards in USD for payroll, avoiding currency conversion hassles while providing clear spend controls.
Key Features of the Loop Global Visa Card
- Use the card to pay in multiple currencies and settle in CAD, USD, EUR, and GBP, avoiding unwanted currency exchange fees(manage currency risks).
- Get access to Loop’s competitive exchange rates to keep international transactions affordable and save on rates.
- Create limits for physical or virtual cards, restrict purchases to specific categories, or control spending in certain currencies.
- Get automatic coverage of up to $25,000 per cardholder for unauthorized charges.
- Use the card with local vendors or global suppliers wherever Visa is accepted.
- No annual fees!
- Use the card as part of Loop’s platform to manage payments, currency exchange, and finances in one place.
- Note, this card is for business use only and cannot be used for personal, family, or household expenses. Certain restrictions may apply.
See: Explore Export Resources for Canadian Businsses
How does the Loop Global Visa Card compare with Traditional Corporate business cards?
| Feature | Loop Global Visa Card | Traditional Corporate Cards |
|---|---|---|
| Multi-Currency Settlement | Yes (CAD, USD, EUR, GBP) | Limited or No |
| Foreign Exchange Fees | None | Typically 2.5% per transaction |
| Spend Controls | Customizable limits, category restrictions, currency-specific controls | Basic controls |
| Annual Fees | None | $99–$500+ |
| Global Acceptance | Yes, anywhere Visa is accepted | Yes |
Ready to Expand Globally?
The Loop Global Visa Card helps Canadian businesses to compete globally by simplifying international payments while reducing costs so they can focus on growth and innovating. The Loop Global Visa Card is available to Canadian businesses (excluding sole proprietors in Quebec). To learn more or apply, visit www.loopcard.ca.
The 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, artificial intelligence, 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: www.ncfacanada.org
 |  |  |
|---|---|---|
 |  |  |
Leave a Reply