Loop, the global financial platform used by thousands of Canadian businesses to manage their international finances, is thrilled to announce the launch of the Loop Global Visa Card – Canada’s first card tailored specifically for small and medium-sized enterprises (SMEs) that need to manage cross-border purchasing. This will be one of the first-ever corporate credit card solutions for Canadian businesses, enabling them to spend and settle credit balances in multiple currencies.
As cross-border trade continues to grow in Canada, reaching an impressive $965.1 billion CAD in international exports and imports in 2023, the Loop Global Visa Card enables businesses to effectively manage payments across multiple currencies while benefiting from the ability to conduct local settlement. This first-of-its-kind card helps Canadian businesses streamline the management of cross-border transactions and global operations.
Key Features of the Loop Global Visa Card:
Multi-Currency Settlement: The first corporate credit card that enables businesses to manage purchasing in CAD, USD, EUR, and GBP and use the same local currency to settle statement balances. This allows companies to better manage their foreign currency exposure and avoid foreign exchange costs altogether.
Optimized Conversion: Customers can leverage Loop’s market-leading FX rates to automatically convert from their other balances to the currency of settlement to further minimize the cost of transacting internationally.
Custom Spend Controls: With Loop’s enhanced spend management platform, companies can issue physical or virtual cards and control each card by creating limits for total or recurring spend, restricting cards to specific purchasing categories, limiting transactions to certain currencies, and more.
Employee Misuse Protection: Provides peace of mind to business owners and finance teams with automatic coverage of up to $25,000 per cardholder for unauthorized transactions.
Enhanced Global Acceptance: Ensures comfort knowing you can set up your cards to make purchases almost anywhere, including with local vendors or any merchant who accepts Visa credit cards worldwide.
No Annual Fees: Businesses can apply and be approved for the Loop Global Visa Card enjoying no annual fees – empowering businesses with an edge in global trade and financial management.
Configurable Expense Management: Businesses can easily configure expense management with customizable approval flows and integrated digital receipt capture by SMS or e-mail.
Integrated Platform: The Loop Global Visa Card is built into Loop’s entire financial platform – pairing the most powerful card with the features of our industry-leading, robust treasury management, FX management, and FX and global payments solution.
“The launch of the Loop Global Visa Card represents a significant advancement for Canadian businesses engaged in international trade,” said Cato Pastoll, CEO of Loop. “This innovative card simplifies the process for finance teams who often manage transactions across multiple currencies, allowing businesses to operate more efficiently and effectively in today’s global marketplace. With this card, we empower companies to operate almost anywhere with local currency cards that both reduce costs and the complexity of managing a globally connected business.”
“Canadian businesses should have a mechanism to have more control and flexibility in the way they pay, and this product provides that,” said Chris Ferron, Vice President, Fintech Partnerships at Visa. “We are excited to collaborate with Loop and EQ Bank to empower Canadians with payment options to help them grow their business and access the global economy through digital payments.”
“Empowering small businesses is central to EQ Bank’s mission, and our partnership with Loop exemplifies our commitment to expanding financial options for Canadian SMEs,” said Mahima Poddar, SVP and Group Head of Personal Banking at EQ Bank. “We’re proud to back the Loop Global Visa Card with our first credit card use case to equip Canadian SMEs with the tools they need to thrive in today’s competitive global market. This collaboration will enable businesses to navigate cross-border transactions with greater ease and confidence.”
To learn more about the Loop Global Visa Card, visit www.loopcard.ca*.
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