The people
What they build
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Working at Loop Financial
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On the TechTO stage
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About
Lending Loop was started in 2014 by Cato Pastoll and Brandon Vlaar to bring peer-to-peer lending to Canada — a model regulators had never approved here. Two previous attempts had pivoted or shut down, banks cut off its fund transfers two months in, and it had to halt operations for months while going through securities registration. It got through by recruiting investors, small business owners and politicians to lobby on its behalf, and became the first regulated P2P small business lending platform in the country. COVID-era federal loan programs then made the lending product largely redundant, and around 2022 the company pivoted to international financial management and rebranded as Loop. Merchant Growth took over as the dedicated financing provider for its small business customers in 2023.
Backers
Mistral Ventures and Graphite Ventures (returning), Luge Capital, Wedbush Ventures and Conconi Growth Partners on the $6.4M CAD seed extension closed May 2024; $10.4M CAD total to that point. Later rounds not confirmed — treat as a floor, not a current total.
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Quick answers
What does Loop Financial do?
Cross-border banking for Canadian businesses — accounts in four currencies, corporate cards without FX fees, international payments, expense management and working capital.
Is Loop the same company as Lending Loop?
Yes. It launched in 2014 as Lending Loop, a peer-to-peer small business lending platform, pivoted to international financial management around 2022 and rebranded as Loop. Merchant Growth became the dedicated financing provider for its small business borrowers in 2023.
Why was peer-to-peer lending so hard to launch in Canada?
Regulation, not demand. As Cato Pastoll told FintechTO in 2017, the first five to ten securities lawyers said it could not be done, banks cut off fund transfers two months in, and the company had to halt operations during a registration process no one had been through before.