Singapore-based Canopy has closed a $3.4m line of funding from Credit Suisse and Lionrock Capital.
Canopy is an anonymous account aggregation and analytics platform, pulling data across banks, markets, currencies and asset classes for an individual into a single portfolio. 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.
With this branch of funding, Canopy will look to expand its sales to range of new markets, including Zurich and Hong Kong. Capital will also be used to support new product development to address the growth in demand.
Canopy CEO Tanmai Sharma said, “We are ready to rollout new solutions that intuitively, easily and securely enable utilization of Canopy to upload, aggregate, analyse and visualize underlying holdings, which can be quite complex and diverse across regions and asset classes.”
This new line of equity brings Canopy’s total funding efforts up to $8m, with the company closing a $2.3m round last year.
Credit Suisse has been fairly active in the FinTech sector over the past few months. Last week, the firm injected $6m into front-to-back office automation solution LUX, and before that, the firm invested $200m to SME lending platform Kabbage.
The average deal size for a FinTech company in Singapore looks to rise by quite a bit in 2017. The average transaction in H1 2017 was $6.1m, compared to last year, where the average was just £2.3m.
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