Founded by Ottawa-based students Drayton Mulindabigwi and Zaynab Mikou, fintech startup Loop helps African students send money abroad while providing education and community.
“There’s a lot of money going back home, there’s a lot of money being transferred to them from their parents…which is where the idea of a digital bank platform came from.” – Drayton Mulindabigwi.
African students are struggling with financial literacy and finding opportunities in their fields. Inspired by his entrepreneurial father and a desire to gain international business experience, Drayton Mulindabigwi is building Loop, a digital banking platform for African students to send money across borders with unique rewards.
Mulindabigwi says when African students study abroad, financial decisions are the first thing to worry about. A survey run by the TD Bank of Canada reveals 38 per cent of newcomers feel hindered by their lack of financial knowledge, with little to no understanding of Canada’s banking system.
A 2022 report on the Economic Impact of International Students indicates they contribute over $37 billion in total annual expenditures. Among many other factors, Statistics Canada confirms this demonstrates the value international students bring to the country.
To help international students maneuver financial struggles, Loop will reward African students with credits for sending and transferring money internationally. Students can redeem those credits for one-on-one mentorships, private masterclasses, financial literacy classes and events with industry leaders in their respective fields.
“There’s a lot of money going back home, there’s a lot of money being transferred to them from their parents. It’s expensive. We thought maybe it’s an element we could use as an entry point and offer them more than they’re getting right now, which is where the idea of a digital bank platform came,” says Mulindabigwi.
His father ran a growing consulting service helping young Africans study abroad. As his clientele grew, he was looking to expand in ways he didn’t have the capacity to do so. That is when he asked his son for help.
“I sat with it for a few days, and thought to myself, there might be something here about students coming abroad, not wanting to go back home, or not being able to and just not being aware of ways to navigate,” says Mulindabigwi.
“You need to know how to spend money and how to move money in order to progress in any career, so we’re trying to equip all of these students with the things that they’ll need to successfully succeed in their careers. By equipping them with these tools, they will be able to reinvest in their communities as well.” -Drayton Mulindabigwi
The biggest challenge, Mulindabigwi says, was conceptualizing Loop into a tangible service that made sense. After many iterations, Mulindabigwi figured money itself played a huge part in immigrants’ lives.
“You need to know how to spend money and how to move money in order to progress in any career, so we’re trying to equip all of these students with the things that they’ll need to successfully succeed in their careers,” says Mulindabigwi. “By equipping them with these tools, they will be able to reinvest in their communities as well.”
By equipping students with tools to increase their chances of success, Mulindabigwi says this will give them the chance to open an investment portal.
“For example, in real estate, they’ll be in the know and have the ability to invest in a more secure and safer way back home,” says Mulindabigwi.
Students will need to create a profile where they can indicate their program of study, field of work, country of origin, goals and achievements. The profile will then help track transactions and their goals help determine how the Benefits Hub can best suit them.
Mulindabigwi says this will help students missing out on career-advancing opportunities they can’t get back home.
Mulindabigwi compares the Hub to Scotiabank’s Scene card program. However, he says the points will be used to analyze how the user operates, sort of like an algorithm, to categorize the user in a specific tier which offers different rewards depending on the user’s needs. Discounts to different stores and restaurants will also be offered through the Benefits Hub.
Founding partner of Loop, Zaynab Mikou is designing and overseeing the Benefits Hub. Although Mikou says the biggest challenge is designing a mentorship and ambassador system that balances scale with authenticity, she says the project is nothing short of fulfilling.
“The strength of Loop lies in how community, mentorship, and student support intersect to reduce friction and create meaningful pathways,” says Mikou. “The impact isn’t only about access, it’s about helping students navigate institutions with clarity, confidence, and intention.”
Another partner on the project, Jean-Baptiste Baiwong, brings his expertise in partnership coordination and business management to the project. He plans on supporting the structure of the platform’s investment strategy.
“When Drayton first pitched the idea, I was very impressed. I was mainly concerned about the audience, as well as the geographical target because I have easily grasped this as a great opportunity for an existing market,” says Baiwong.
“The strength of Loop lies in how community, mentorship, and student support intersect to reduce friction and create meaningful pathways.” -Zaynab Mikou
Many conversations with international students around him, Mulindabigwi says Loop can act as a conduit for good and affordable financial services to those who spend a lot of money already but are not getting the help they need in order to feel comfortable and succeed.
Despite requiring extensive research and in-depth analysis, Baiwong believes this project holds the capacity to change the way international students live, grow and spend money in Canada.
Mulindabigwi and his team are in talks with the Organization for Economic Development and Diplomacy for a potential benefits package for the Hub. In terms of partnerships to advance the project, nothing is concrete yet.
Further challenges mentioned were regulations. Mulindabigwi says there is much work to do, especially on a global scale. But the Loop founder says, the focus is not on building a better digital banking system, it’s about creating an ecosystem for African students.
Loop is organizing a soft launch by April 2026. The full platform is set up to be launched by the end of the year.
Related content: