Merchant Growth Announces Strategic Partnership With Loop, Acquires Small Business Loan Rights From Lending Loop
VANCOUVER, BC, June 13, 2023 /CNW/ – Merchant Growth Ltd. (“Merchant Growth”), together with its funding vehicle, Merchant Opportunities Fund Limited Partnership, is pleased to announce an exclusive partnership with Loop Funding Inc. (“Loop”) to become the dedicated financing provider for small business customers of Lending Loop (Loop’s small business lending platform). This strategic move will ensure a seamless transition for Lending Loop’s customers, who will continue to receive exceptional service and support by Merchant Growth for loan offerings.
This partnership will see Merchant Growth assume the go-forward responsibility of providing term loans to Lending Loop’s customers, enabling Loop to focus on growing its neo-banking platform through which they offer multi-currency accounts, credit cards, FX and more. This collaboration allows both companies to leverage their respective strengths and provide the best solutions for small businesses.
Merchant Growth CEO David Gens, expressed enthusiasm about the collaboration, stating, “Lending Loop has always operated in an incredibly customer-centric approach while being highly tech-enabled, which is in alignment with Merchant Growth’s approach. We are excited to provide additional term loan financing to Lending Loop’s customer base in the years to come.”
The integration of Lending Loop’s term loan customers into Merchant Growth’s platform will be executed with meticulous attention to detail, ensuring a smooth transition for all parties involved. Lending Loop’s term loan customers can expect continued access to competitive loan products, personalized service, and the same level of care they have come to expect from Merchant Growth.
Cato Pastoll, CEO of Loop, commented on the partnership, saying, “At Loop, we have become laser-focused on providing innovative banking services for Canadian businesses and entrepreneurs. This partnership with Merchant Growth allows us to double-down on our focus on delivering excellent financial products and services for small businesses, knowing that our Lending Loop customers will receive world-class service for their borrowing needs going forward.”
Merchant Growth is dedicated to serving small businesses and empowering them with the financial resources they need to thrive. This exclusive partnership further strengthens the company’s position as a trusted partner for small business financing, offering a comprehensive suite of solutions to support their growth and success.
About Merchant Growth
Merchant Growth is a leading Canadian financial technology company that specializes in small business financing. Over the past decade, Merchant Growth has supported Canadian businesses with hundreds of millions of dollars in growth financing. Using an innovative approach that includes the latest technology, complete transparency and thoughtful customer care, Merchant Growth is committed to helping make business financing convenient, easy to understand, and accessible. To learn more, visit: www.merchantgrowth.com.
About Loop
Loop Financial Inc. is the parent company of Loop and Lending Loop and offers financial services for growing Canadian businesses. Loop Financial offers no-fx business credit cards, multi-currency business banking details, free international payments and capital products for growing companies. Since 2014, Loop has helped Canadian ecommerce brands, start-ups, agencies, entrepreneurs and more save thousands in banking fees with financial products that accelerates business growth. Lending Loop is an online loan platform that provides small businesses with access to simple and affordable loan products.
SOURCE Merchant Growth
For further information: Sean Watkins | VP of Marketing | Merchant Growth | 416.846.6900 | swatkins@merchantgrowth.com
