Loop (Canada)

Loop is a Canadian fintech platform built specifically for small and medium businesses that operate across borders. It offers multi-currency business accounts, physical and virtual cards in CAD and USD, and tools to help businesses avoid unnecessary foreign exchange fees when dealing with US suppliers, clients, or platforms. Loop is headquartered in Canada and positions itself as a cross-border banking alternative to traditional Canadian business accounts.

This review covers what Loop offers, how it holds client funds, pricing, and who benefits most. Loop is not a bank – read the regulatory section carefully before funding your account.

Is Loop available for Canadian businesses?

Loop is available to Canada-incorporated businesses. It is designed specifically for the Canadian market and Canadian entities – it does not serve US or international businesses directly. Sole proprietors and incorporated companies can apply, though eligibility and account features may vary by business type. Account opening is online and typically completed within a few business days after verification. Loop is particularly focused on businesses that regularly pay US-based suppliers, receive USD from US customers, or use US-billed SaaS and advertising platforms.

Regulatory status and deposit protection – read this first

Loop is a Canadian fintech company, not a chartered bank. It is not a deposit-taking institution and is not a CDIC member. Funds held in a Loop account are not covered by CDIC deposit insurance.

Loop holds client funds at partner financial institutions, where they are maintained in segregated accounts separate from Loop’s own corporate funds. The practical effect is that your business money is held at a regulated institution on your behalf, but the direct CDIC coverage relationship does not extend to your business as an end customer. Loop discloses its funds-holding model; review the current details on Loop’s website before loading significant balances.

Businesses that need CDIC protection on their core operating balance should maintain their primary account at a Schedule I bank. Loop is best used as a cross-border spending and payments layer, funded from a primary bank account as needed.

Pricing and plans

All fees are approximate and subject to change. Confirm current pricing and plan details directly with Loop before signing up.

Key features for small businesses

• Multi-currency accounts: hold CAD and USD (and other currencies) in one platform
• Physical and virtual business Visa cards in CAD and USD
• Competitive FX rates for CAD-USD conversions – typically better than Big Five bank rates
• Pay USD invoices directly from USD balance without conversion
• Receive USD from US clients into a USD account
• Team cards with individual spending controls
• Receipt capture and expense tracking
• Integration with accounting software including QuickBooks and Xero
• Online account management and mobile app

Pros

• Designed specifically for Canadian cross-border businesses
• Hold and spend USD without forced conversion
• Better FX rates than most traditional Canadian bank wire services
• Physical and virtual cards in multiple currencies
• Fast digital onboarding
• Free starter tier available
• Canadian company with local customer support

Cons

• Not a bank – funds are NOT CDIC insured
• Does not replace a primary business bank account
• Currency support more limited than Wise (fewer than 40+ currencies)
• No business lending, credit facilities, or savings products
• Less established track record than Wise internationally
• Feature set narrower than a full-service bank

Who should use Loop?

Loop is best suited to Canadian businesses with regular USD exposure – those that pay US suppliers, receive USD from US customers, advertise on US platforms (Google, Meta), or use USD-billed SaaS tools. By holding USD in a Loop account and spending directly in USD, businesses avoid the round-trip conversion cost that traditional Canadian banks charge on every USD transaction. Loop works best as a complement to a primary CDIC-insured bank account, not as a standalone banking solution.

Verdict

Loop earns a 4.0 out of 5 for Canadian cross-border SMBs. Its core proposition – a multi-currency account designed for the Canadian market – is genuinely useful for businesses with significant USD exposure. The FX rates are competitive and the card functionality is practical. The main limitation is that Loop is not a bank, funds are not CDIC insured, and the feature set does not extend to lending or full-service banking. As a specialist cross-border payments tool alongside a primary bank account, it delivers real value.

Fees, features, and fund-holding arrangements change regularly. Always confirm current details on Loop’s official website before making decisions.