The Problem

Joya used multiple services to manage their cross-border needs, which resulted in increasing complexity in their daily operations.

For a start-up, time is money and Joya wanted to centralize their financial operations on one simple, low cost platform.

With increasing business from the US, Joya sought a platform where they could access a US bank account to receive revenue rapidly and without banking fees that would eat into their bottom line. After considering traditional banks, the base monthly account fee alone for a US-domiciled bank account was ranging to $200 per month. Plus, the transaction fees, conversion fees and lack of support made Joya seek more modern alternatives.

TThe situation became more urgent when Joya started to expand their team in the US and needed an US-based account to support payroll. After a friendly encounter with the Loop team, Joya decided to open an account with Loop.

Joya was able to open a no-fee US domiciled account within 24 hours. Understanding the urgency, Loop was able to provide an FDIC insured account with access to the ACH network, allowing Joya to receive their revenue deposits and make payroll – all before their application was even processed at the traditional bank.

The Solution

Unlocking growth with access to a US domiciled account, unlimited ACH transfers and competitive exchange rates

Leveraging their US bank account, Joya was able to get paid quickly by their American customers and make payments to their American vendors, contractors and employees. This meant eliminating all transfer fees typically charged on cross-border payments. Essentially, Joya was getting paid 100% of their revenue.

When needing to convert currencies, Joya was also able to leverage Loop’s exclusive exchange rates to maximize their revenue – rates lower than not only those available through traditional banks, but also those on leading online currency exchange and money transfer platforms. This enabled Joya to have more resources for growth while managing their rapid expansion.

Joya was also able to issue, within minutes, multi-currency credit cards to its team members. These individually trackable virtual and physical cards with no annual fees and 55-day payment terms allowed Joya to run its cross-border operations with ease and manage spend across multiple business functions.

These extra savings allowed Joya to redirect resources in fuelling their growth. Before Loop, Joya was using different providers for banking, payments, credit and foreign exchange. Being able to consolidate all these operations in one platform enabled Joya to eliminate inefficiencies, save valuable time and focus on their core mission of promoting holistic health.

The Results

Joya solved urgent payment needs and consolidated their finance stack into one single platform saving time and money

With Loop, Joya eliminated fees on cross-border payments, minimized foreign exchange risks and found a way to pay and get paid faster. The real cherry on top was Joya consolidating 5 different providers into one simplified platform that was easy to get started with, use and get support.

Compared to traditional banks, Joya was able to get access to a US bank account and the different services it needed to scale its cross-border fin-ops with minimal downtime. This gave Joya the confidence to expand its American operations aggressively.

Joya recommends Loop to any entrepreneur balancing rapid growth with scaling internal processes. Loop’s commitment to Joya’s success was evident in how urgently Loop addressed Joya’s pain-points and needs. Beyond providing financial services, Loop became a supportive partner in Joya’s expansion and future growth.