Loop & EQ Bank launch Multi-Currency Credit Card for SMEs in Canada

By Gloria Mathias

Loop, the global financial platform preferred by Canadian businesses, has announced the launch of the Loop Global Visa Card, Canada’s first card specifically for 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 CAD 965.1 billion 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 card helps Canadian companies streamline the management of cross-border transactions and global operations.

“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 of 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.”