Bankonloop
4 known investors
Loop provides multi-currency business banking, including CAD, USD, EUR, and GBP accounts, FX-free multi-currency corporate credit cards, international transfers, and working capital, with CDIC- and FDIC-insured deposits. It targets businesses seeking to reduce foreign exchange fees on cross-border payments and card spend, primarily in Canada.
Also known as Loop · Loop Financial
Investors · 4
Company profile
researched Aug 2026Loop (bankonloop.com) is a business banking platform aimed at Canadian companies with cross-border operations. It provides local accounts in CAD, USD, EUR and GBP with local account and routing details for receiving, holding and sending funds, plus international payments over EFT, ACH, SEPA and wires. Eligible CAD deposits held at CDIC member institutions and recorded in trust are stated to be protected up to $100,000 per depositor per insurance category, while U.S. operating accounts are provided through FDIC-insured institutions with coverage up to $250,000 per depositor, per insured bank, per ownership category.
The product set also includes multi-currency corporate credit cards that allow spending in CAD, USD, EUR and GBP without FX fees, with balances displayed and settled per currency, virtual card controls, a rewards program and digital receipt capture and matching. Additional modules cover accounts payable, customer billing, expense management, accounting integrations, foreign exchange conversion (quoted at a 0.5% mark-up) and working capital of up to $1M. Solutions are packaged for enterprises, retail brands, Amazon sellers, freelancers and accountants, and the site is offered in English and French (Canada).
Business model
Loop offers a freemium subscription structure alongside transaction-based FX pricing. A free monthly plan, Loop Basic, is offered with no account or annual fees; additional features are available via Loop Plus at $79 CAD/month and Loop Power at $299 CAD/month, with lower rates unlocked on higher tiers. FX fees on international wires are quoted at 0.1%-0.5% with no per-transfer fee, and global FX conversion carries a 0.5% mark-up. The company states payments are currently free and notes it may add a wire transfer fee in future to cover processing costs.
Monthly subscription plans (Loop Plus at $79 CAD/month, Loop Power at $299 CAD/month) plus FX mark-ups of 0.1%-0.5% on international wires and 0.5% on currency conversion; working capital lending of up to $1M is also offered.
Traction
The company states that more than 3,000 businesses use Loop and that $2B has been transacted on its platform, with customers saving an average of $40,000 per year and 12 hours per week.
▸Full profile — market position, technology, go-to-market, geography
Market position
Positioned against traditional Canadian banks on fees and currency coverage: $0 account fees versus $20+, accounts in CAD, USD, EUR and GBP rather than CAD only, support for EFT, ACH, SEPA and wires, 0% card FX fees versus a stated 5.7%, and wire FX costs of 0.1%-0.5% with no fee versus 2.5% plus $50. The company describes its product as Canada's first no-fee multi-currency credit card and compares its FX mark-up favourably with providers such as Wise and OFX.
Technology
Web-based platform combining multi-currency deposit accounts, virtual and physical corporate cards with spend controls, payment initiation across EFT, ACH, SEPA and wire rails, expense management with digital receipt capture and matching, and accounting integrations. A CAD bank account product is marked as being in beta.
Go-to-market
Direct online self-serve signup and account opening, supported by product demos, vertical landing pages for segments such as Amazon sellers, retail brands, freelancers and accountants, tiered pricing plans, customer case studies and testimonials, and a blog and help centre.
Canadian businesses with cross-border spending and revenue, including enterprises, retail and e-commerce brands, Amazon sellers, freelancers and accounting firms. Customer testimonials cite e-commerce and consumer product companies such as Sheet Happens, Pure Muskoka, DT Ecom and Bells of Steel.
Geography
Focused on Canada, with accounts and payment rails covering the United States (USD, ACH, FDIC-insured institutions), the eurozone (EUR, SEPA) and the United Kingdom (GBP); accounts can be opened online without visiting a branch.
Compiled by commissioned research from 1 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
▸Research sources · 1
primary sources listed
- Bankonloopbankonloop.com · web
1 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Bankonloop do?
- Loop is a Canadian fintech offering multi-currency business accounts, FX-free corporate credit cards and cross-border payments.
- Who are Bankonloop's investors?
- Bankonloop's investors include Good News Ventures, Graphite Ventures, Mistral Venture Partners, Wedbush Ventures.