Singapore fintech Canopy raised nearly $5 million from private investors as well as institutions. A government-supported seed fund is the most prominent new investor.
Canopy has hoovered up $4.8 million in financing from investors – private as well as institutional – including Dymon Asia Ventures and Seeds Capital, the fintech said in a statement on Tuesday.
The Singapore-based start-up's technology allows banks like Credit Suisse, with which it has partnered, to give clients an aggregated, real-time view of their investments. The so-called «weaponization» of data such as offered by Canopy is viewed as a key advantage for wealth managers, as finews.asia reported in July.
Prominent Hires
Seeds is a government-funded investment arm set up to support innovative start-ups. «We will use the funding to improve our product, especially with analytics and artificial intelligence,» founder and CEO Tanmai Sharma said. The fintech maintains offices in Hong Kong and Switzerland, besides its Singapore base.
The newest funding round comes as Canopy rapidly adds clients, and after hiring several high profile executives including Amit Gupta from Instarem to oversee technology and PwC veteran Michiel van Selm as operating chief.
