For several years now we’ve been investing based on the idea that while fintech has introduced innovation in the consumer and business experience, true innovation will only be unleashed by modernization of the infrastructure upon which financial products and services are currently built and managed. That’s why we added to our fintech infrastructure portfolio by leading the seed round for Canopy, which just announced its $15 million Series A financing.
Who: Matt Bivons and Will Hanson have a deep and thorough understanding of online lending, having worked in the industry for years. Matt led growth efforts at Earnest and Greensky. Will was an early engineer at LendUp and spent years at Capital One. Together, they have experienced the pain of servicing and managing loans firsthand and have the business and technical acumen needed to solve an incredibly complex problem.
What: Canopy is building a modern API for loan servicing that can be used to create and manage loans at any point in their lifecycle. Traditional loan servicing and management platforms are inflexible, expensive and take ages to implement. Canopy takes all of that complexity and cost and reduces it to simple APIs with usage-based pricing.
How: Canopy combines an understanding of how lending works, both financially and operationally, with robust technology built for today’s developers. With easy implementation, modular features and support for many lending constructs, Canopy is making it possible to create entirely new lending products, even those that are individually tailored to a customer’s needs.
Why: True innovation in credit and lending products is only going to be possible if the infrastructure upon which products are built makes it possible to create and manage them easily and inexpensively. Wouldn’t we be better off if consumers and businesses didn’t have to fit into a loan underwriting “box” but instead every consumer and business could access a credit product that matched their needs and capacity? That’s the future that Canopy enables.
If making credit and lending products available to everyone is a compelling vision to you, join the Canopy team. They’re on a mission to democratize access to financial products for everyone.