Luge Capital, Graphite Ventures, Conconi Growth Partners and Wedbush Ventures led the round. Loop plans to use the money to expand its cross-border financial services platform for small businesses into new markets, beyond its current focus on the U.S., the U.K. and Europe. (The Logic)

Talking point: Loop’s initial product was peer-to-peer lending to small businesses, but it pivoted in 2022. At the time, government loans to keep small businesses afloat in the pandemic were plentiful, dampening demand for the service. Loop is now focused on solving a different problem: helping small business owners operate internationally by simplifying notoriously cumbersome cross-border payments in multiple currencies. Its financing adds to the growing signs of a fintech funding resurgence in Canada, particularly among startups catering to small businesses. In an interview, Loop co-founder and CEO Cato Pastoll said he’s glad to see it. “The sector has been underserved for so long that it’s about time,” he said.