For Canadian businesses operating on a global level, engaging in international financial services has traditionally meant accepting high foreign exchange (FX) fees and navigating complex cross-border payment systems. Loop is changing that.

A Toronto-based fintech founded in 2015, Loop is a cross-border financial services platform for Canadian SMBs. Their innovative solutions can help small and mid-sized businesses save $40,000 or more* on annual FX costs while offering full visibility into international transactions. Loop’s multi-currency business credit cards and other financial solutions are specifically designed for Canadian companies with international operations.

Building Better Financial Services for Canadian Businesses

Canada’s concentrated banking market only includes around 90 banks, compared to roughly 5,000 banks in the U.S. This can lead to higher fees—especially when it comes to international transactions. Many Canadian SMBs operate in multiple geographic markets, meaning they’re required to manage multiple currencies. But traditional banking solutions result in costly conversions that directly impact their bottom line.

This environment was primed for Loop to disrupt. To be successful, however, Loop needed an innovative partner that could navigate Canadian regulatory complexities while delivering modern issuer processing capabilities.

Finding a Reliable Issuer Processor Partner

Before Lithic, Loop relied on a legacy issuer processor that created operational problems rather than solving them. To fuel their growth, they needed a partner that could provide:

• Around-the-clock API uptime
• Faster implementation timelines
• Ongoing product innovation and investment
• An expanded roadmap for seamless scalability

Instead of allowing a legacy issuer processor to slow them down, Loop seized the opportunity to partner with a modern card platform that could support their differentiated product needs and their growth.

Powering Multi-Currency Transactions

Loop turned to Lithic to power the next generation of Loop’s card program: the Loop Global Visa Card. This strategic partnership not only enabled enhanced multi-currency processing for Loop—it also marked Lithic’s expansion into Canada.

Though Lithic was new to the Canadian market, Loop valued Lithic’s deep domain knowledge and card payments expertise, strong industry reputation, and proven ability to quickly ship new capabilities and features. 

For Loop, Lithic’s thoughtful and intuitive product design and API-first, developer-friendly approach were clear differentiators. Equally important was Lithic’s hands-on implementation support and strong collaboration with partner banks, which gave Loop the confidence they needed to move forward.

Loop’s decision to partner with Lithic paid off. In less than three months, Loop went from contract signing to program launch. Working with industry partners, Lithic delivered a solution to support Loop’s evolving cross-border financial services innovation.

Loop’s new, Lithic-powered card program includes:

• Custom Funds Transfer Settlement and Reconciliation Events (FTSREs) to streamline multi-currency processing, settlement, reconciliation, and transparent reporting
• Seamless international card shipping to support Loop’s global expansion
• Custom physical card chip profiling, PIN setting and management tools co-designed for enhanced security
• Robust fraud prevention and responsive limit controls built into Lithic’s platform

With Lithic's processing infrastructure in place, Loop can focus on their core mission: offering world-class cross-border financial services that save businesses money when they transact internationally. As more Canadian businesses expand their operations across the globe, this cross-border partnership sets a new standard for what they should expect from their financial service providers.

*Source: Loop’s FX product page

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