Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Loop Raises $6.4M CAD for SMB Global Finance Platform
Bank On Loop | Sep 17, 2024
Image: Loop Team/Linkedin
Loop Brings Total Funding to $10M CAD To Build Global First Financial Platform for Small and Medium Businesses
Loop, a Toronto-based fintech company, announced today that they have secured an additional $6.4 million CAD in its most recent investment round, bringing its total fundraising to more than $10 million CAD. This investment will help Loop accelerate its objective to establish the first 'global by default' financial services platform geared to small and medium-sized companies (SMBs), enabling them to handle cross-border payments, currency conversion, treasury management, and international financial operations. Key investors in this round of fundraising included Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures, and Conconi Growth Partners.
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Cato Pastoll, CEO and co-founder of Loop (NCFA Advisor):
“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.”
Overview of Loop's Journey
- Lending Loop (2015-2021): Lending Loop was co-founded in 2015 by Cato Pastoll and Brandon Vlaar, as Canada's first licensed peer-to-peer (P2P) lending platform, supporting small businesses with marketplace loans from a network of investors. This strategy was about making it easier for SMBs to source inexpensive loans while allowing investors to earn profits by supporting local businesses.
- Rebranded to Loop (2022): In 2022 Lending Loop rebranded itself as "Loop" and expanded its services beyond lending. Understanding that businesses face challenges beyond financial matters when operating on a global scale, Loop took on the task of addressing issues impacting SMBs, such as facilitating cross border payments, managing currency exchanges and treasury operations.
See: Open Banking: Revolutionizing Financial Data Sharing
- Bank on Loop (2024 to present): As Loop continued to grow, the company leaned further into its mission to create a "global-by-default" financial services platform for SMBs. Now branded as Bank on Loop, the company aims to provide businesses with streamlined tools to manage international finance operations. Loop's services have gained traction with Canadian businesses, as it fills a gap left by large banks that often overlook the needs of SMBs with global services.
Raif Barbaros, Partner at Mistral Venture Partners:
“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."
Why It Matters
By streamlining banking services and reducing costs for businesses expanding globally, Bank on Loop is positioning itself as the go-to solution for global financial management.
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
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