2021 Year in Review
In the words of the Economist, 2021 was “astonishing” for Fintechs. The industry, already on the rise, expanded immensely and made way for a new and long-awaited category: personalized and transparent credit and lending, which is being pioneered by our clients and enabled by our platform. In August 2021 we announced our Series A. We heard a lot about the potential for innovation in credit and lending in 2021. The inbound demand for the Canopy Servicing platform was humbling, and, at times, a little overwhelming. From day one, Canopy has lived its values and these continued to carry us through as we transitioned from being a remote team of 10 people with a few early customers still in private beta to a global team of 32 with enterprise customers. We raised our Series A in 12 days, increased assets under management exponentially, and continued to build out our platform with new capabilities, features, and functionality.
Some high notes from the past eventful year:
Perch sought to help people build their credit through non-traditional means and teach financial literacy along the way, and they wanted to do it quickly. Perch launched on Canopy Servicing and went live in just 10 days.
In June, we proudly became a Visa certified partner. Visa certified partners are approved by Visa to launch, power, and run the next generation of digital-first payments and banking platforms.
We took our fully remote team to Hawaii and held our very first in-person team offsite. We learned from and about each other and forged lasting memories. Our co-founder Will Hanson gave us an earworm we will never forget, summing up the need for Canopy: “Time + Payments = Gnarly."
In August, TechCrunch covered our Series A, and we officially emerged from stealth. Co-founder Matt Bivons outlined our vision for the future of Fintech, and the inevitable move toward companies creating customized credit and lending products on modern, API-first platforms.
We launched learn.canopyservicing.com, making it easier for developers, product folk, and others to learn about and demo our API. Beyond that, we expanded and re-designed our website.
We were lucky to bring incredible people on board to expand our leadership team, including Tom Greco as Head of Product Operations and Strategy, Vishal Verma and Boris Boroda as Directors of Engineering, and Dan Desmond as Director of Sales & Partnerships. Tom brings us his decades of experience in contact center, back office, and quality and process management. Vishal and Boris are seasoned leaders and champions of engineering and operational excellence. Dan, who started in January, was most recently Director of Strategic Accounts, Financial Institutions, at Marqeta.
We built a go-to-market partnership with Lithic to enable our customers to bring credit cards to market faster.
Openness and transparency are among our core values, and the launch of the Canopy blog in November gave us a vehicle to easily share what we’re building and learning about.
As we closed the year, we picked up momentum: We added a dozen new engineers, and assets under management increased 5,000%.
In the final three months of the year, API calls to the Canopy Servicing platform increased 3x.
We are grateful for our clients, investors, advisors, and families who made this possible. We are looking forward to 2022 and to seeing the great expectations for more personalized, transparent, and safer credit and lending increasingly fulfilled by products built on our platform.
What is Canopy?
We believe in building technology that helps facilitate better life experiences. Financial products have largely been the same, lacking transparency and control. Canopy is built for developers to launch and service financial products in the most flexible way.