Venn vs. Loop: Which Financial Platform is Best for Scaling Your Business?

Enter Venn and Loop, two platforms designed to streamline your finances. But which one is the best fit?

Venn is a standout option, offering multi-currency accounts, corporate cards, expense management, and so much more. With transparent FX fees, automated accounting integrations, custom invoicing, and international transfers to over 200 countries, Venn is well-suited for businesses with complex or global financial operations.

Loop also supports multi-currency accounts and includes tools like invoicing, budgeting, and expense tracking. However, Venn delivers faster onboarding and more transparent, cost-effective pricing, particularly in FX rates and subscription plans. Additionally, Venn offers actual cashback instead of points, providing direct value to businesses with every purchase.

In this blog, we’ll compare Venn and Loop, breaking down their strengths and helping you decide which platform best aligns with your goals. Let’s dive in and see which one can help your business grow!

Venn vs. Loop: Side-by-Side Comparison

Here's a side-by-side comparison of key features offered by Venn and Loop Financial:

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Choosing the right platform depends on your specific business needs. If a comprehensive suite of tools, including multi-currency banking and invoicing, is crucial, explore the possibilities with Venn, an all-in-one business banking platform.

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Feature: Core Business Banking & Global Accounts

When it comes to managing business finances, both Venn and Loop offer unique features, particularly in core banking and global account management. Let’s break down how each platform handles business banking and global accounts:

Venn

Venn is a modern financial platform designed for Canadian SMBs. It allows businesses to operate globally by offering multi-currency accounts in CAD, USD, GBP, and EUR. With no need for separate bank accounts, Venn enables businesses to collect payments from customers in their preferred currency, simplifying international operations. Setting up multi-currency accounts is quick and straightforward, with no monthly fees.

Loop

Loop offers multi-currency accounts in CAD, USD, GBP, and EUR, enabling businesses to send and receive funds globally. However, it relies on integrations and partner platforms for its USD, EUR, and GBP accounts, making its approach more modular. Venn, in contrast, offers a deeper global account functionality with enhanced automation and a consolidated toolset designed for international operations.

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Feature: Cards Issuance, Controls & Type

Both Venn and Loop offer corporate cards to manage business expenses, but they differ in control and flexibility:

Venn 

Venn provides corporate card issuance with support for multiple currencies, making it ideal for businesses with international operations. You can issue cards to employees, set spending limits, and track expenses in real-time. Venn offers smart controls to manage transactions across currencies, with no hidden fees. Unlike points-based systems, Venn offers a straightforward 1% cashback on all spending, with no minimum spend required, making it easy for businesses to maximize rewards from the start. 

You can find comprehensive details about Venn’s Corporate Cards here. 

Loop 

Loop offers virtual and physical corporate cards with customizable controls, including spend limits and approval workflows. While it supports multi-currency spending when balances are held in supported currencies, its card program is primarily optimized for domestic and cross-border team spend.

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Feature: Expense Management Automation & Tracking

Effective expense management and tracking are essential for maintaining financial health and ensuring accountability. Both Venn and Loop offer tools to automate and track expenses, but they differ in their features and scope.

Venn

Venn provides robust automation for managing expenses, particularly with multi-currency transactions. It integrates seamlessly with accounting systems, helping businesses automatically categorize expenses and reconcile payments. It supports multi-currency spending in CAD, USD, GBP, and EUR, just by holding a balance in one account. This means businesses can easily spend in any of these currencies without needing separate accounts for each. Venn’s real-time tracking ensures complete visibility of spending, while its global payment capabilities streamline international operations. You can also set spend controls on corporate cards, including one-time and recurring limits, to ensure proactive budget management. Unlike Loop Financial, we can automatically do your reconciliation with our accounting sync.  

Learn more about these features by exploring Venn's dedicated expense management product page.

Loop 

Loop offers simplified expense management tools, including expense categorization, approval flows, and card controls. It supports multi-currency spending in CAD, USD, GBP, and EUR when balances are held. While effective for domestic and team-based spending, its automation and global expense workflows are more limited compared to Venn.

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Feature: Global Transfers & FX Functionality

When managing a global business, the ability to make seamless international transfers and handle foreign exchange (FX) is critical. Both Venn and Loop offer global transfer capabilities, but their offerings differ in scope, transparency, and ease of use.

Venn

Venn offers a comprehensive solution for global transfers, supporting transactions in over 180 countries. With multi-currency accounts, businesses can easily send and receive payments in various currencies, including USD, EUR, and GBP, all from a single account. For domestic transfers, Venn also supports Interac e-Transfers, making it easy to move money within Canada quickly and securely. Venn ensures transparent FX rates with no hidden markups, allowing businesses to manage international transactions with confidence. Also, all Plus and Pro plans offer free local transfers, including EFT and ACH. This makes it an excellent choice for businesses looking to operate globally and streamline cross-border payments.

For more details on how Venn’s global transfer service can enhance your operations, visit their global transfer page.

Does Venn Offer Better Foreign Exchange Rates Than Loop?

Yes! Venn offers better FX rates than Loop. However, the exact rates for your business will depend on your chosen plan and the volume of transactions. Loop’s FX markups range from 0.50% on its free plan to 0.10% on its highest-tier Power plan, which costs $300/month. By comparison, Venn’s FX rates range from 0.45% on the Essentials (free) plan to as low as 0.25% on the Pro plan ($100/month). Both platforms allow you to avoid FX fees entirely when spending from a matching currency balance. However, Venn uses the interbank exchange rate with no hidden markups, offering full transparency, whereas Loop’s published rates may not reflect additional spreads embedded in the exchange rate.

For businesses managing international transactions, Venn delivers a more competitive and transparent foreign exchange experience, especially when comparing equivalent plan levels.

Loop

Loop supports global transfers to over 180 countries in 37+ currencies and offers free international wires on paid plans. While it advertises competitive FX markups as low as 0.10%, accessing that rate requires the $300/month Power plan; otherwise, you're paying a 0.50% markup on the free tier, which is higher than all of Venn’s FX rates.

Venn, in contrast, applies a fixed and transparent markup to the interbank rate, ranging from 0.45% down to 0.25% depending on the plan, with no hidden spreads. Combined with broader built-in tools for global payments, Venn is a stronger choice for businesses with high-volume or international payment needs.

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Feature: Accounts Payable (AP) & Bill Management

Efficient management of accounts payable (AP) and bills is crucial for smooth operations. Venn and Loop offer distinct solutions to simplify these tasks, but with different levels of support for global and domestic needs.

Venn

Venn simplifies accounts payable by automating the entire workflow. It integrates directly with QuickBooks and Xero to pull in bills, supports multi-level approval workflows, and enables vendor payments through multiple methods, including EFT and ACH. With multi-currency accounts, Venn enables businesses to pay international vendors seamlessly, eliminating the need for currency conversions and ensuring global efficiency. Learn more by visiting Venn’s Accounts Payable product page.

Loop

Loop provides foundational AP tools, such as bill uploads, tracking, and vendor payments. It supports multi-currency payments from held balances but lacks advanced AP automation features, such as multi-level approvals and integrated global payouts, found in Venn.

For businesses with global operations or complex AP needs, Venn provides a more advanced and scalable solution.

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Feature: Invoicing / Accounts Receivable (AR)

Managing invoicing and accounts receivable (AR) is crucial for ensuring timely payments and maintaining healthy cash flow. Venn and Loop both offer AR solutions, but Venn stands out with its integrated invoicing feature and multi-currency support.

Venn

Venn simplifies AR by offering an integrated invoicing feature that allows businesses to create and send custom invoices directly from the platform. Customers can choose from flexible payment options, including credit card or bank transfer, making it easier to receive payment faster. All payments are received directly into your Venn multi-currency account, streamlining the receivables process and improving cash flow.

For more details, explore Venn’s invoicing product.

Loop

Loop provides basic AR functionality, allowing businesses to track and manage invoices. However, it lacks the integration and flexibility that Venn offers, particularly in terms of payment options and multi-currency support. Loop’s AR tools are more suited for businesses that don’t need advanced invoicing or international payment capabilities.

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Feature: Bank Reconciliation & Accounting Integrations

Efficient bank reconciliation and smooth accounting integrations are essential for businesses to maintain accurate financial records. Venn and Loop offer solutions for managing these tasks, but Venn provides more advanced integrations and automation for seamless financial operations.

Venn

Venn simplifies bank reconciliation with robust accounting integrations. It offers two-way sync with popular accounting software, such as QuickBooks and Xero, automating data entry and categorization for a streamlined workflow. This ensures accurate, up-to-date records, significantly reducing the time spent on bank reconciliation. With Venn, your financial operations are seamlessly connected, making the process much more efficient.

Explore the full range of Venn’s integrations for more details.

Loop

Loop offers basic bank reconciliation tools, but its accounting integrations are more limited compared to Venn. While it provides integration with certain software, it lacks the advanced automation and two-way sync capabilities that Venn offers. This makes it less efficient for businesses that need to reconcile large volumes of transactions or require more robust accounting workflows.

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Feature: User Experience, Customer Support & Security

A smooth user experience, responsive customer support, and robust security are crucial factors when selecting a financial platform. Both Venn and Loop prioritize these aspects, but Venn stands out with its intuitive design and commitment to customer care.

Venn

Venn is designed with the user in mind, offering an intuitive platform that simplifies complex financial tasks. Its customer support is dedicated to ensuring a smooth user experience, with assistance available whenever you need it. Security is a top priority, with robust measures in place to protect your business’s financial data, giving you peace of mind while managing your finances. Venn also offers multi-factor authentication (MFA) for added security, ensuring that only authorized users can access sensitive information. Venn is also registered with FINTRAC as a Money Services Business in Canada, ensuring it meets strict regulatory standards for compliance and data protection.

Loop

Loop offers essential security features, including multi-factor authentication, 24/7 fraud monitoring, and is also FINTRAC-registered. While secure, Venn differentiates with deeper integration and compliance controls across a broader range of services.

Why Customers are Switching from Loop Financial to Venn

Customers are transitioning from platforms like Loop Financial to Venn for several compelling reasons. These frequently cited advantages highlight where Venn exceeds expectations in meeting the evolving financial needs of Canadian businesses.

• More Comprehensive Platform: Access invoicing, investments, and more tools all in one dashboard, streamlining operations and reducing reliance on multiple providers.
  
• Better Cashback & Rewards: 1% cashback on all card spend with no minimums or point conversions, offering immediate, straightforward value.
  
• Transparent & Lower Fees: Competitive FX rates with no hidden fees, plus reduced or eliminated fees for transactions like Interac e-Transfers® and local transfers, leading to significant savings.
  
• Advanced Automation: Automated accounts payable workflows, multi-level approvals, and receipt capture save time and improve finance team efficiency.
  
• Enhanced Spend Management: Granular control over corporate cards, with instant issuance, customizable limits, and real-time tracking, ensuring financial oversight.
  
• Improved Accounting Workflow: Two-way sync with accounting software reduces manual data entry, improves accuracy, and speeds up month-end close.
  
• Global Payment Flexibility: Local accounts in multiple currencies (USD, CAD, EUR, GBP) allow seamless ACH payments and avoid costly international wire fees.
  
• Faster Transfers & Payments: Faster transactions, with wire transfers in 1-2 business days and same-day Interac e-Transfers®.
  
• No Hidden Fees: Transparent pricing with no hidden fees for common transactions, unlike competitors who may bake costs into FX rates or fees.
  
• Customizable Spend Policies: Set custom rules and limits for teams to control spending and stay within budget.
  
• Advanced Security: Venn’s safeguarding ensures 100% protection of customer funds, providing an added layer of security that competitors may lack.

Additionally, here’s what some of the customers have to say about their switch: 

Viking

“I been with the Venn for 2 months now. And I have tried to test and push limits. And I must say. Service and performance of there products have been outstanding. I'm glad I made this move!!!”

Alishan Piyarali

“Amazing Platform! Would recommend to any business who does a lot of transactions globally. Way better than wise!!! 10/10 been using it for some time now and transferred thousands of dollars no issues”

Sage Pearl

“The team at Venn has delivered exceptional service every step of the way. Their platform is intuitive, efficient, and tailored to real financial needs. It’s clear they’ve built a product with both care and deep understanding of what users value most.”

Ready to experience the difference for yourself? Start your journey with the business financial platform built for Canadian businesses by signing up for Venn today.

Pricing & Fees

Understanding the cost structure is essential when selecting a financial platform. Below is a detailed comparison showing how Venn’s pricing delivers stronger value and cost predictability compared to Loop Financial.

Venn Pricing & Fees

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Loop

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Loop Financial’s pricing lacks transparency, with hidden costs like FX markups that aren’t always clearly communicated, making it difficult for businesses to accurately forecast expenses, especially when handling frequent international transactions.

While both platforms offer free plans, Loop’s free tier comes with a higher FX rate (0.50%) and fewer included features compared to Venn’s Essentials plan (0.45% FX and more built-in tools). To access Loop’s best FX rate (0.10%), businesses must subscribe to its Power plan at $300/month, three times the cost of Venn’s Pro plan ($100/month), which still offers a lower FX rate than Loop’s mid-tier.

Venn’s pricing is not only more affordable across all tiers but also more transparent, covering services like international transfers and core integrations without surprise fees.

Who Offers Better ROI: Venn or Loop?

If your business transacts $100,000 internationally per month:

• With Loop’s Free Plan (0.50% FX markup): You’ll pay $500/month in FX fees.
  
• With Loop Power Plan (0.10% FX markup + $300/month fee): You’ll pay $100 in FX fees + $300 subscription = $400/month total.
  
• With Venn Pro Plan (0.25% FX markup + $100/month fee): You’ll pay $250 in FX fees + $100 subscription = $350/month total.

Venn saves you $150/month compared to Loop’s Power plan (and $150+ vs. Loop’s free plan), while also including built-in invoicing and a simpler cashback model.

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Venn: Strengths & Considerations

Here’s a quick overview of Venn’s strengths and weaknesses to help businesses make an informed decision: 

Pros:

• True All-in-One Banking Platform: Venn acts as a comprehensive "financial plaform," consolidating multiple financial functions, including payments, expenses, global transfers, and accounts payable, into a single platform for efficiency.
• Integrated Multi-Currency Accounts: Supports seamless management of funds and spending across CAD, USD, GBP, and EUR, making it an ideal solution for businesses with global operations.
• Customizable Corporate Cards & Expense Management: Offers corporate cards with customizable approvals, spending limits, and robust expense tracking features, enabling businesses to efficiently manage their spending. Additionally, Venn’s corporate cards provide actual cashback on purchases (not points), offering direct value to businesses while they manage their expenses.
• Cashback with No Minimum Requirements: Provides cashback on card transactions with no minimum spend requirement, delivering immediate financial benefits for businesses.
• Robust Expense Management: Streamlined processes with automated features, built-in controls, and the ability to track and approve employee expenses, improving cost control and reporting.
• Strong Automated Accounts Payable: Simplifies bill management and payment with automated processes, saving time and reducing administrative overhead.
• Good Accounting Integrations: Seamlessly connects with leading accounting software like QuickBooks and Xero, streamlining financial reporting and reconciliation.
• Excellent Global Transfers & FX Functionality: Competitive FX rates, minimal markups, and support for a wide range of currencies and payment methods, allowing for cost-effective international transactions.
• Clear SMB Focus (<100 employees): Venn is tailored for small and medium-sized businesses, with features designed to meet the specific needs of these companies as they scale.
• Transparent Pricing: Venn offers clear pricing with often no monthly fees on base plans and transparent FX rates, ensuring businesses can predict and manage their costs effectively.
• Potential for Unified Financial Management: By consolidating a variety of financial tools, Venn reduces complexity and administrative overhead for businesses.
• Invoicing & Credit Card Payments: Venn offers invoicing capabilities and the ability to accept credit card payments, providing added flexibility and ease in managing business finances.

Cons:

• As a newer player in the financial services space, some businesses might perceive certain features as less mature compared to established providers, although continuous improvements and funding are addressing these concerns.

Loop: Strengths & Considerations

Here’s an overview of Loop’s strengths and weaknesses you should consider when deciding which one to pick, Venn or Loop.

Pros:

• Easy-to-Use Corporate Cards: Loop offers robust corporate charge cards with virtual issuance, customizable spending limits, and automatic expense tracking, simplifying employee expense management.
• Charge Card Lending Option: Loop offers a credit facility based on business cash flow, appealing to businesses that require short-term credit for operational flexibility.
• Dedicated Spending Controls: Businesses can set precise spending limits and approval workflows, enhancing financial control and minimizing overspending risks.
• Tax-friendly Spend Management: Loop’s integration with accounting software simplifies tax reporting and reconciliation by automatically syncing expenses.
  

Cons:

• Limited Customer Support: Some users report difficulty getting timely help, even on paid plans.
• Cashback Points Instead of Actual Cashback: Loop offers cashback in the form of points, not actual cashback, which may not provide the same immediate value to businesses as Venn's direct cashback rewards.
• Slow Transfers: Transfers often take longer than advertised, even with premium accounts.
• Unexpected fees on ATM withdrawals: Some users have been surprised by both bank and Loop charges (e.g., a CAD 20 ATM withdrawal resulting in an additional ~$8 Loop fee). 
• No e‑Transfer: Despite being in demand, Interac e‑Transfer support is still “coming soon”, which is a pain point for businesses needing fast CAD transfers.

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Take Control of Your Business Finances with Venn

Making the leap to a more modern financial solution is an investment in your business’s future. If you’re ready to streamline operations, cut costs, and improve financial transparency, Venn is the solution you’ve been looking for. Explore the platform today and start experiencing the difference that a comprehensive, transparent, and user-focused financial tool can make for your business. Venn’s support team is always ready to help you transition smoothly and make the most out of their platform.

Don’t let outdated financial tools hold your business back; empower your team and take control of your financial future. Sign up with Venn today.

Key Takeaways

• Venn offers a more complete platform with built-in invoicing and automation, going beyond Loop’s core financial tools for greater control and efficiency.
• Venn’s clear, upfront pricing, without hidden fees, stands apart from Loop’s less transparent structure, where the free plan offers less and paid plans cost 2–3x more.
• Venn supports multi-currency accounts and international transfers to over 180 countries, typically completing in under 2 days, compared to up to 3 days with Loop.
• Venn offers a straightforward 1% cashback on all card spend with no minimums, while Loop uses a tiered points system with less immediate value.
  

Frequently Asked Questions (FAQs)

Q. Is Venn only for large businesses, or can small businesses use it too?

A. Venn is designed to support Canadian businesses of all sizes, from startups to larger enterprises. They offer tiered pricing plans, including an Essentials plan that starts for free, making it accessible for small businesses looking to streamline their finances without significant upfront costs. Specific use case pages for SMBs, Startups, Mid-Market, and Enterprise highlight how the platform caters to different business stages.

Q. How does Venn's multi-currency account feature benefit Canadian businesses that sell internationally?

A. Venn's multi-currency accounts, which support currencies such as USD, GBP, EUR, and CAD, enable Canadian businesses to receive payments from international clients in their local currency. This helps avoid costly foreign exchange fees and provides better control over international cash flow. You can obtain local bank details, enabling customers abroad to make payments easily, as detailed on the Multi-Currency Accounts product page.

Q. Can I issue corporate cards for my employees with Venn?

A. Yes, Venn allows businesses to issue corporate cards for their team members. These cards come with customizable spend controls and integrate with expense management features for easy tracking and reconciliation, simplifying how businesses manage employee expenses. Learn more about this on the Corporate Cards product page.

Q. How does Venn help with accounting and reconciliation?

A. Venn offers automated accounting features, including a two-way sync with popular software like QuickBooks and Xero. This helps automate transaction categorization and streamlines data entry, which can significantly reduce the time spent on bank reconciliation and ensure accurate financial records. The Accounting Automation product page provides more details.

Q. What kind of customer support can I expect from Venn?

A. Venn provides dedicated customer support to assist businesses with their banking needs. This includes support through various channels to help users navigate the platform, manage their accounts, and resolve any issues, contributing to a positive user experience regardless of business size.

Q. Does Venn offer invoicing capabilities?

A. Yes, Venn includes integrated invoicing features. Businesses can create and send custom invoices directly from the platform and offer clients various payment options, including credit card and bank transfers. This centralizes accounts receivable management, helping businesses streamline their billing processes. The Invoices product page has more information.

Q. How does Venn compare to Loop and other financial platforms?

A. Venn offers more transparent pricing, faster global transfers, and additional tools, such as invoicing and GICs, all within one platform. Our FX rates and rewards are also more competitive across all plan levels.

Q. Is it hard to switch to Venn from my current provider?

A. Not at all. Venn makes onboarding easy with guided setup, accounting integrations (QuickBooks and Xero), and support to help you migrate bills, vendors, and workflows quickly.

Q. What makes Venn better than my bank’s business account or card?

A. Traditional banks charge higher FX rates, offer limited automation, and slow transfer times. Venn combines modern financial tools, such as multi-currency accounts, invoicing, AP automation, without hidden fees or delays.

Q. Is Venn really more cost-effective than competitors like Loop?

A. Yes. Venn’s free plan includes more features and a better FX rate than Loop’s, and our Pro plan is one-third the price of Loop’s top-tier plan, while still offering industry-low FX markups and 1% cashback.

Q. Are there any hidden fees?

A. No. Venn uses fixed, transparent pricing. We publish all fees up front, including FX markups and plan costs, so there are no surprises.

Q. What’s the difference between Venn’s cashback and Loop’s rewards?

A. Venn offers a simple, unlimited 1% cashback on all card spend with no minimums. Loop uses a tiered points system, which may offer less value depending on your plan and spend volume.

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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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