# Canopy Technology

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/canopy-technology

- Industry: Software
- Headquarters: Claymont, US
- Website: www.canopyservicing.com
- Total disclosed funding: $34M
- Latest round: Series A (Oct 10, 2023)
- Investors on record: 5

## About

Canopy Technology Corp., based in the US, specializes in providing a robust loan management system designed for commercial lenders, enhancing their operational efficiency in managing a diverse range of loan products.Founded in 2019 and headquartered in Claymont, US, Canopy Technology Corp. offers advanced solutions for commercial lenders. The company has raised USD 15.2 mn in Series A funding as its latest round on October 10, 2023, co-led by Foundation Capital and Infinity Ventures, bringing the total amount raised to USD 15.2 mn. The founder and CEO, Matt Bivons, has a history of entrepreneurship, although specific details of previous ventures are not provided.Canopy provides a comprehensive loan management system tailored for commercial lenders, enabling them to efficiently manage a wide array of loan products, including secured, revolving, installment, and hybrid loans. The platform's core offerings include Canopy Lending Core, CanopyOS, and Canopy Connect, which facilitate the automation of workflows, real-time ledger tracking, and seamless integration of loan tapes with collateral. Designed to adapt to evolving borrower needs and market dynamics, Canopy empowers lenders to offer customized policies, interest rates, payment plans, and billing cycles that enhance customer retention. The company serves a diverse client base across various sectors, including fintech, digital banking, and vertical SaaS, with a presence in markets such as North America and Europe. Their solutions are utilized by lending program directors, credit risk teams, and customer support units, thereby catering to both B2B and end-user requirements.Canopy's revenue model is structured around subscription-based access to its loan management services, typically involving partnerships with commercial lenders who integrate Canopy's platform into their operations. Clients may pay a recurring fee for access to key functionalities such as Canopy Lending Core and DataDirect, which provide essential tools for managing loan accounts and generating insights. Additionally, transactional fees may be applied for specific services like collateral management and reporting capabilities. The company's flagship products enhance operational efficiency for lenders and are designed to streamline the post-loan origination process, ensuring a consistent flow of revenue through ongoing service subscriptions. Overall, the revenue is driven by partnerships with financial institutions and the adoption of Canopy's innovative solutions across various commercial lending contexts.In October 2023, Canopy Technology Corp. secured USD 15.2 mn in Series A funding, which will support the development of new products aimed at enhancing their loan management solutions. The company is strategically planning to expand its presence in European markets by 2024, targeting regions that show a strong demand for advanced lending technologies. The recent funding will be allocated to product innovation and market expansion efforts.

## Funding rounds

- Series A, Oct 10, 2023, $15M — Foundation Capital, Infinity Ventures
- Series A, Aug 9, 2021, $15M — Foundation Capital, Canaan Partners, BoxGroup, Homebrew
- Seed, Jan 1, 2020, $3.5M — Foundation Capital, Homebrew

## Investors

- Foundation Capital (https://capitalatlas.ai/funds/foundation-capital) — Seed, Series A
- Homebrew (https://capitalatlas.ai/funds/homebrew) — Seed, Series A
- Canaan Partners (https://capitalatlas.ai/funds/canaan-partners) — Series A
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Series A
- Infinity Ventures (https://capitalatlas.ai/funds/infinity-ventures) — Series A