Canopy Servicing

Overview
News
FinTech Infrastructure?
Product stageSegments
Seed
?
Lending-as-a-service (LaaS)
?

Canopy Servicing offers a white-label API-based, lending-as-a-service (LaaS) infrastructure platform for banks and FinTechs. The platform provides modular tools to create and service a range of loan programs including installment loans, buy-now-pay-later (BNPL) schemes, revolving credit lines, and charge cards, among others. One unique offering is a white-label customer banking UI that allows end consumers to view their data in real-time, as opposed to waiting on statements and cycle-ends.

Canopy charges its customers on a subscription basis that comes out to around USD 0.50 per account per month (as of August 2021) and reports gross margins of around 90%. Around 40% of its customers were startups (seed and Series A level).

Key customers and partnerships

The platform can also be integrated with a range of third-party payment processors including Marqeta , Stripe , i2c , and Galileo, among others. Canopy also helps users create bank reports by automating Metro2 files (credit reporting format) and utilizing bank partner’s bureau codes.

Canopy entered a referral partnership with Marqeta in July 2022, to offer installment BNPL and lending solutions to banks, credit unions, and enterprise fintechs.

Funding and financials

In October 2023, Canopy Servicing raised USD 15.2 million in Series A1 funding co-led by Foundation and Infinity Ventures. The company had earmarked the funds to support its revenue growth target of achieving an annual recurring revenue of USD 10 million over the next 15 months.

HQ location:
San Francisco CA USA
Founded year:
2019
Employees:
11-50
IPO status:
Private
Total funding:
USD 30.2 mn
Last Funding:
USD 15.2 mn (Series A; Oct 2023)
Last valuation:
-
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