Loop Financial Alternatives: Best Platforms for Business Banking & Spend Management

Being a business owner means constantly switching hats: tracking expenses, managing vendors, chasing invoices, and more… all while still making time to grow your business. It’s a hefty undertaking that’s, fortunately, made easier with the right tools!

Platforms like Loop Financial have made managing finances easier for Canadian businesses, but they’re not the only option out there. Many businesses are actively exploring Loop Financial alternatives to find a solution that better aligns with their specific needs and future growth. This exploration often leads to discovering platforms that offer more comprehensive features, better integration, or a more tailored approach to business finance.

Whether you're outgrowing Loop or just curious if there’s something better, this guide breaks down the top alternatives worth considering in 2025.

What is Loop Financial?

Loop Financial / Bank on Loop is a Canadian fintech platform designed to help small and medium-sized businesses manage global finances. It supports multi-currency payments and expenses in CAD, USD, GBP, and EUR, offering competitive foreign exchange rates. Loop is popular among new businesses for its FX-fee-free multi-currency corporate credit cards. It integrates with QuickBooks and Xero for automated reconciliation and expense management. Additionally, Loop offers scalable credit solutions, providing up to $1 million in capital for growth.

Loop Financial / Bank on Loop - Pros & Cons

Loop is just one of many platforms available, and, of course, it has its advantages and limitations. Here are a few of the commonly referenced pros and cons of Loop for businesses:

Pros:

• Optimized for multi-currency transactions, making it easier to manage cross-border payments.
• Ideal for businesses with international operations, particularly those dealing with CAD, USD, EUR, and GBP.
• Corporate cards come with built-in spending controls, helping teams manage budgets and track expenses in real time.
• Reduces reliance on complex banking setups, offering a modern alternative to traditional business accounts.

Cons:

• Basic expense management is limited, as Loop lacks advanced features such as automated receipt capture and multi-level approval workflows.
• Limited accounting integrations, as it offers basic QuickBooks and Xero sync, but no 2-way automation like Venn.
• Loop offers points-based rewards instead of straightforward cashback on card spend.
• FX markups ranging from 0.5% to 0.1% on transactions, with higher markups on free plans, compared to Venn's transparent rates.
• Loop does not provide full invoicing or accounts receivable features.
• No investment options such as GICs or interest-bearing accounts like Venn.

Why Consider Loop Financial Alternatives?

As your business grows, so do your financial needs. What worked in the early stages may no longer cut it.

Many businesses outgrow Loop when they realize they need deeper accounting integrations, smarter automation, custom invoicing, or a more comprehensive view of their financials. Instead of juggling disconnected tools, companies are turning to platforms that combine corporate cards, expense management, multi-currency accounts, and real-time reconciliation, all in one place.

If you’re looking for better control over spending, faster workflows, and a system that scales with you, it might be time to find a platform that’s built for where your business is headed, not just where it started.

What Are the Best Loop Financial Alternatives?

The market for business financial solutions is diverse, offering a range of platforms that serve as potential competitors to Loop Financial. Here are the top options business owners consider when looking for Loop alternatives:

1) Float

Float is a money services business that allows customers to hold funds in dedicated accounts and manage expenses with corporate cards (virtual and physical). They also provide budget control features and integrations with popular accounting tools.

• Strengths: Canadian-based spend management platform with strong control features, budgeting tools, and corporate cards.
  
• Best for: Teams needing robust employee card controls and approval workflows.
  
• Notable Edge: Real-time syncing with accounting platforms like QuickBooks and Xero.

2) Keep

Keep (formerly Keep Technologies) offers an all-in-one financial platform with corporate cards, higher credit limits, and expense automation. Canadian businesses love Keep for its simple yet scalable solutions.

• Strengths: Automated spend management tools, with a focus on streamlined expense tracking, corporate cards, and smart budget controls. Keep also integrates directly with accounting platforms, such as QuickBooks and Xero.‍
• Best For: Canadian SMBs seeking a scalable financial platform with high credit limits, automated management, and international support without the complexity of enterprise-level systems.‍
• Notable Edge: Keep offers high credit limits, allowing businesses to manage larger expenses and cash flow efficiently. It also provides real-time policy enforcement and automation, including pre-spend approvals and transaction-level tagging, ensuring seamless expense management and reconciliation.

3) Venn

Venn is a more comprehensive and integrated alternative to Loop, offering full multi-currency accounts, advanced corporate cards, and deeper accounting integrations for growing Canadian businesses.

• Strengths: All-in-one platform with integrated accounts payable, multi-currency accounts, virtual cards, invoicing, and expense management.
  
• Best for: Businesses seeking to replace multiple finance tools with one centralized system.
  
• Notable Edge: Venn offers real-time FX rates and unlimited virtual cards, along with additional features such as automated accounting and invoicing, providing a comprehensive financial solution to streamline your business operations.

4) Wise

Wise specializes in low-cost international payments and transparent FX rates. For businesses focused on sending and receiving international payments, Wise is an affordable option.

• Strengths: Transparent, low-cost foreign exchange and multi-currency accounts.‍
• Best for: Businesses sending and receiving money globally.‍
• Notable Edge: Industry-leading exchange rates.

5) Airwallex

Airwallex is a great option for businesses with global operations, combining FX, borderless business accounts, virtual cards, and global expense management in one platform.

• Strengths: Multi-currency wallets, competitive FX rates, international virtual cards, and developer-friendly APIs.
• ‍Best for: High-growth companies and ecommerce brands managing international suppliers, teams, or revenues.
• ‍Notable Edge: Seamless cross-border payment infrastructure with enterprise-grade APIs and local payout capabilities in 150+ countries.

Venn - A Smarter Loop Financial Alternative

When considering Loop Financial alternatives, Venn stands out as a compelling option.

Unlike platforms that might specialize in just one area, Venn provides an integrated solution encompassing multi-currency accounts, corporate cards, and seamless integration with major accounting platforms. Venn is built to provide businesses with greater control, visibility, and automation across their spending and financial reporting. We understand the complexities of managing business finances and have developed a platform that simplifies these challenges, allowing you to focus on growing your business!

To provide a clearer picture, here's a comparison highlighting key features of Loop Financial and Venn:

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Why Venn is Best for Multi-Currency Accounts

For businesses engaged in international trade or with global teams, managing multiple currencies efficiently is paramount. Venn's multi-currency accounts are designed to simplify this process, allowing you to hold, send, and receive funds in various currencies with ease. This eliminates the need for costly conversions on every transaction and provides greater transparency into your international cash flow.

Managing your international transactions with ease through our multi-currency features can significantly reduce fees and improve financial planning for global operations. Our platform supports a wide range of currencies, offering greater flexibility compared to platforms with more limited options.

Why Venn is Best for Corporate Cards

Venn's corporate card program is designed to empower your employees while giving your finance team complete control and visibility over spending. Our cards offer customizable spending limits, real-time transaction tracking, and seamless integration with our expense management tools. This means you can issue cards to your team with confidence, knowing you have the tools to monitor and manage every expense.

Beyond just issuing cards, the ability to set granular spending controls and gain real-time visibility into employee spending is paramount for maintaining financial health. Discover how our corporate card solutions empower your team while keeping you in control. Our corporate cards are not just a spending tool; they are an integral part of a comprehensive spend management strategy.

Venn Offers Major Accounting Platform Integrations & Invoicing Features

One of the most significant advantages of choosing Venn is our deep and seamless integration with major accounting platforms, as well as our powerful invoicing capabilities. We understand that manual data entry is time-consuming and prone to errors. Our integrations automate the flow of transaction data, expense reports, invoices, and reconciliation information directly into your accounting software. This not only saves your finance team countless hours but also improves data accuracy and provides a real-time view of your financial health.

Streamlining your financial processes with robust accounting integrations and invoicing features is essential for scalability and efficiency. Venn’s commitment to seamless workflows makes it a powerful Loop reconciliation alternative, simplifying the complex process of matching transactions, handling invoices, and ensuring your books are always up-to-date.

Bottom Line

While Loop focuses on core multi-currency and card features, Venn offers a more integrated and comprehensive solution.

Our platform is designed to handle the entire spend management lifecycle, from issuing cards and capturing expenses to reconciling transactions and integrating with your accounting system. This makes Venn a more powerful and efficient financial software alternative for businesses looking to streamline their operations and gain greater financial control.

Ready to streamline your business finances? Sign up for Venn today and get started in under 5 minutes!

Making the Right Choice for Your Business

Choosing the right financial management solution is a critical decision that can significantly impact your business's efficiency and growth. While Loop Financial offers a solution for multi-currency needs and corporate cards, exploring Loop Financial alternatives, such as Venn, can reveal platforms that provide a more integrated, comprehensive, and tailored approach to your specific requirements.

To choose the right platform for your business, consider its current needs, future growth plans, and the importance of features such as extensive multi-currency account support, robust expense management, and seamless accounting integration.

We invite you to explore how Venn can transform your financial operations and become your trusted partner in managing your business's financial future!

Frequently Asked Questions (FAQs)

Q: What are the main reasons businesses look for alternatives to Loop Financial?

A: Businesses often seek Loop alternatives due to limitations in supported currencies for global operations, the desire for more robust expense management features, limited integration with various accounting platforms, or the need for a more unified platform that combines various financial tools into a single interface. For more general information, you can visit the Venn Website.

Q: What features should I look for in a business finance platform as an alternative to Loop?

A: When exploring Loop alternatives, consider platforms offering comprehensive multi-currency accounts (beyond just USD and CAD), advanced corporate card solutions with granular controls and real-time tracking, strong expense management features with automation, and deep, seamless integrations with major accounting software for simplified reconciliation.

Q: How does Venn compare to Loop Financial?

A: Compared to Loop Financial, Venn offers a more integrated and comprehensive financial management solution. While both provide multi-currency accounts (Venn supports a wider range) and corporate cards, Venn distinguishes itself with more comprehensive expense management, deeper integrations with major accounting platforms for automated reconciliation, and a broader focus on encompassing the entire spend management lifecycle.

You can see a comparison with a traditional bank's offerings on the Venn vs. CIBC page, which highlights Venn's advantages in modern business banking.

Q: Can these Loop Financial alternatives help with multi-currency transactions and expense management?

A: Yes, platforms discussed as alternatives to Loop, such as Venn, are specifically highlighted for their capabilities in handling multi-currency accounts, enabling businesses to hold, send, and receive funds in various currencies efficiently. They also offer advanced expense management features, including corporate cards with controls, real-time tracking, and often automated receipt collection and accounting integration to streamline the entire process.

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_{The comparative information provided on this page is based on publicly available sources and is accurate to the best of our knowledge as of July 20, 2025. Features, pricing, and terms may change without notice. For the latest information, please consult each provider’s official website directly. All trademarks and product names are the property of their respective owners. Their use does not imply any affiliation with or endorsement by those brands.}

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