<h4>Flexport Capital is allowing businesses to invest everything they’ve got in growth.</h4>
<p><span style="font-weight: 400;">Flexport is a technology-driven freight forwarder that simplifies global logistics by offering end-to-end visibility, control, and efficiency in international and domestic shipping operations.</span></p>
<p><span style="font-weight: 400;">Flexport Capital, as a service, focuses on providing working capital solutions for businesses involved in international trade and logistics. Flexport Capital uses Canopy for its loan ledger and calculation engine, loan management system, data reporting, and origination platform. </span></p>


<h4>How Flexport got its start</h4>
<p><span style="font-weight: 400;">Flexport was founded in 2013 by Ryan Petersen, who identified inefficiencies in the traditional freight forwarding industry and sought to modernize it using technology to streamline and optimize global logistics processes.</span></p>
<p><span style="font-weight: 400;">One of the key insights Ryan Petersen has shared is about the inefficiencies and lack of transparency in the traditional freight forwarding industry. He often emphasizes the importance of technology in bringing transparency, efficiency, and control to global logistics operations. Petersen&#8217;s vision for Flexport revolves around leveraging technology to simplify international shipping processes and provide customers with greater visibility and control over their supply chains.</span></p>


<h5>What are the risks of extending credit to small businesses?</h5>
<p>Logistics financing entails inherent risks, including seasonality and macroeconomic factors such as disruptions like those in the Suez Canal or Red Sea. These risks can impact cash flows and create uncertainty in financing arrangements.</p>
<p>Navigating these challenges requires careful risk management and contingency planning to ensure the stability and resilience of logistics financing operations.</p>


Justin Sherlock Former Head of Capital at Flexport

<h5>Why Flexport chose Canopy as its Servicing Partner</h5>
<p>Flexport chose Canopy as its servicing partner for several reasons. Initially, Flexport built their own homegrown system, which worked well. However, as Flexport grew, the ledger they had created couldn&#8217;t keep up. With limited development resources, Flexport needed a solution that could support their operations without overwhelming their team. Canopy stood out as the best option, providing a complete platform that met Flexport&#8217;s immediate needs and could grow with them.</p>
<p>Canopy&#8217;s flexibility matched Flexport&#8217;s requirement for adaptable products, ensuring smooth transitions for both current and future offerings. This partnership empowered Flexport to boost efficiency and effectively handle their expanding business demands.</p>


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<p><span style="font-weight: 400;">Flexport Capital uses Canopy for its loan ledger and calculation engine, loan management system, data reporting, and origination platform. </span></p>


Flexport leverages tech and customer obsession on Canopy

Justin Sherlock

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<h4>Innovative, Frictionless Digital Credit for E-Commerce</h4>
<p>Tandym, the first fintech company to enable e-commerce businesses to quickly and easily offer their own, next-gen private label credit cards, needed a modern lending architecture. In launching a revolving credit product on a closed loop infrastructure, they chose Canopy as their flexible loan management system to help them reach the next level.</p>
<p>As the first private-label credit card company empowering merchants of any size to offer a branded digital credit card, Tandym is on a mission to help merchants grow their business. The innovative platform is designed to enable fast, seamless integration with retailers to cut processing fees and power turnkey loyalty programs for customers.</p>


<h5>Must-Have Features for a Loan Management System</h5>
<p>Post origination, one of the key features the Tandym team considered in their product development was a seamless, consistent servicing experience that matched expectations set during the onboarding flow. For instance, making repayment as easy as possible for the end customer.</p>
<p>Tandym sells to merchants, offering an alternative to traditional credit card services like Visa/Mastercard. Tandym uses Canopy for policy enforcement over the borrower&#8217;s lifecycle, such as turning on and off interest grace periods based on borrower activity.</p>


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Launching Revolving Credit on a Closed Loop Infrastructure

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How Flexport leverages tech and customer obsession with Canopy

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Former Head of Capital at Flexport

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<h4>Launching B2B Multi-Credit</h4>
<p>A trusted partner for over 200,000 small businesses throughout the United States and recipient of the 2023 Forbes Fintech 50, Novo provides faster cash flow and clear financial insights without monthly fees or minimum balance requirements. The Novo platform also has connections to thousands of business apps, such as Stripe, Square, Shopify, and Gusto.</p>
<p>In October 2022, they began piloting a new hybrid, multi-draw product offering, using Canopy as their credit portfolio servicing platform</p>


<h4>How Novo got its start</h4>
<p>Novo was founded in 2016 with a mission to empower business owners with their financial data through a modern approach to checking accounts. Built for today’s business owners, their roots lie in helping freelancers, startup founders, and small business owners open checking accounts within minutes, securely and easily without minimum balance requirements.</p>


<h5>Building a new Multi-Draw product</h5>
<p>Throughout senior leadership’s many years in merchant lending, they’ve learned a lot about what business owners actually need. As a result, Novo provides working capital on an as-needed basis, allowing their customers to repay when they’re able.</p>


<h5>What are the risks of extending credit to small businesses?</h5>
<p>Providing credit to small businesses is risky, which is why most banks don’t offer loans and credit to smaller businesses, such as the ones Novo operates with. Unlike traditional banks, though, Novo takes a different approach by pricing in the risk.</p>
<p>For instance, if a customer goes delinquent, Novo has the information and data to direct their decision-making process in order to do the right thing for both the customer and their own organization, adding a layer of built-in safety with their product.</p>


<h5>Why Novo chose Canopy as its Credit Portfolio Servicing Partner</h5>
<p>After seeing a number of lending core providers over his 15 years in business lending, Novo’s EVP of Credit approached Canopy once the time came to select its servicing partner.</p>
<p>As one of the newer financial technology providers in the lending industry, Canopy became one of the leading candidates for what Novo was trying to build next.</p>
<p>They went through a deep dive process in order to vet a platform that could support their unique product offering. Furthermore, they were looking for a supportive team that they wanted to partner with, which is what ultimately drove their decision to work with Canopy.</p>


<h5>How Novo uses Canopy</h5>
<p>Novo relies on Canopy as their ledger and system of record (SOR) for all transactions. Some of the specific features they use within their Canopy servicing account include:</p>


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<p>As a flexible, modern banking tool designed to help small businesses grow, the team at Novo is no stranger to taking a traditional banking concept and digitizing it from end-to-end.</p>


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How Novo Built B2B Multi-Credit on Canopy

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<p>For those who want more from their lending products, there&#8217;s Canopy. Get started today and never look back.</p>


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How Novo Built B2B Multi-Credit on Canopy

How Novo Built B2B Multi-Credit on Canopy

Launching Revolving Credit on a Closed Loop Infrastructure

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