Canopy said to raise $4.8m in Series A

Canopy, a financial data and analytics company, has reportedly raised $4.8m in its Series A round of funding.

Contributions to the round came from Dymon Asia Ventures and Seeds Capital, according to a report by FinSMEs.

Singapore-based Canopy is a data and analytics platform helping financial institutions and wealth managers to connect their siloed data, analyse their data, and gain new insights into their business or market, according to the company.

The company offers a number of different modules including a data visualiser, customisable analytics, report templates, data cruncher and standard, client data manager, automated mailing and excel.

Users can upload files in any format to the solution, with the technology providing daily valuation updates to keep the portfolio and analytics up-to-date.

This equity injection will be used to bolster its product development, with a focus on its analytics and AI capabilities, the article said. Capital will also be used to support its international growth with offices in Switzerland and Hong Kong having recently opened.

Late last year, the company raised a $3.4m investment from Credit Suisse and Lionrock Capital. The capital from the round was used to move into Switzerland and Hong Kong and to increase product development.

Earlier in the year, Dymon Asia Ventures took part in the $4.5m investment into credit management platform AsiaCollect. The fellow Singapore-based FinTech company offers organisations credit management services (CMS) including CMS outsourcing, CMS advisory services, debt purchasing, and SAAS technology.

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