Loop Financial, a dynamic FinTech startup, has recently surpassed a significant funding milestone, raising over $10m CAD in total equity financing.
In its latest fundraising effort, Loop secured an additional $6.4m CAD, contributing to a total of more than $10m CAD when combined with the $4m CAD obtained in 2022.
This round saw participation from notable investors such as Mistral Venture Partners, Luge Capital, Graphite Ventures, Wedbush Ventures, and Conconi Growth Partners.
Loop Financial operates a global financial platform that caters primarily to small to mid-sized businesses. The service simplifies complex financial processes like cross-border payments, currency exchange, and treasury management, enabling companies to manage their international finances with greater efficiency and lower costs.
The newly acquired funds are earmarked for accelerating Loop’s growth and further enhancing its global-by-default financial services solution. This strategic investment will enable Loop to continue developing its platform to meet the growing needs of businesses operating in multiple markets.
Loop’s platform is designed to alleviate the typical financial hurdles that small and medium-sized businesses encounter, such as high banking fees and cumbersome payment processes. By reducing the cost and friction associated with multi-currency transactions, Loop empowers companies to streamline their financial operations.
Cato Pastoll, CEO and co-founder of Loop, expressed enthusiasm about the future: “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.
“We’re excited to take the next step forward on our mission to help businesses grow faster globally by providing them with the key tools required to manage their money internationally. With the support from our investors, Loop will be able to move even faster on our mission to build a financial services offering that is truly global-by-default.”
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