Canopy Servicing
Canopy Servicing provides a comprehensive platform for building and managing multiple business loan products, featuring tools for customization, automation, and real-time data access.
Company Overview
Canopy Servicing is a financial technology company that has raised $15.2 million to fuel growth plans in 2024. It provides a comprehensive platform designed to build and scale multiple business loan products on a single system. Canopy’s platform is characterized by its flexibility, allowing businesses to customize policies, interest rates, payment plans, billing cycles, and fees per customer while automating communications for payment reminders and promotions.
Loan Management System - Canopy Core
Canopy Core is the loan management system offered by Canopy Servicing. This system tracks every change to the ledger and provides real-time calculations. It supports customizable policies, flexible billing cycles, and automated notifications. Canopy Core enables businesses to manage diverse lending products like installment loans, cash advances, working capital, lines of credit, and buy now pay later options.
Automated Custom Workflows - Canopy Connect
Canopy Connect is a feature that lets users design custom workflows to automate various loan tasks. This functionality includes setting up communications for payment reminders, promotions, and fee waivers, ensuring that loan operations run smoothly. Canopy Connect integrates with multiple systems and partners, creating a seamless lending process that improves operational efficiency.
Data and Reporting Tools - DataDirect
DataDirect is Canopy's tool for real-time data accessibility and automated reporting. This feature generates ready-made reports to support upsell or cross-sell strategies. DataDirect integrates with various tools across the lending ecosystem, providing comprehensive records of all account events. This function allows for better decision-making processes and improved cash flow management.
Simulation and Testing - LoanLab
LoanLab is a simulation tool developed by Canopy Servicing which allows businesses to test different loan policies and actions throughout the entire lifecycle of a loan. This feature enables users to simulate borrower behavior, validate new product configurations, and assess the effects of various policy actions. LoanLab aims to ensure accuracy and compliance while providing insights into potential outcomes.
Real-Time Calculations and Compliance - SafeGuard
SafeGuard by Canopy ensures accurate calculations aligned with business lending scenarios and edge cases. This feature continuously tests computed values to ensure compliance with auditors and regulators. SafeGuard captures thousands of data points for each test to maintain the integrity and accuracy of lending operations, ensuring businesses stay compliant with current financial regulations.