<p><span style="font-weight: 400;">Embedded lending is growing, with </span><a href="https://www.bain.com/insights/embedded-finance/" target="_blank" rel="noopener"><span style="font-weight: 400;">Bain predicting</span></a><span style="font-weight: 400;"> that volume will double from 2021 to 2026. </span></p>
<p><span style="font-weight: 400;">Nowhere is this trend more potent than in lending to small and medium businesses (SMBs) that have historically struggled to access capital. The benefits are clear for B2B SaaS lenders &#8211; increased revenue, customer loyalty, and compounding platform value. </span></p>
<p><span style="font-weight: 400;">However, while incorporating embedded lending has many advantages, most SaaS companies are not designed to do this independently. Lending requires highly specialized talent, capital, and adherence to strict compliance requirements. It takes a long time to get lending right with few viable shortcuts – a problem when speed of execution is of the essence. </span></p>
<p><span style="font-weight: 400;">Enter <a href="https://www.primeft.com/" target="_blank" rel="noopener">Prime</a>, a no-code, fully customizable lending platform for SaaS platforms ready to unlock embedded lending in less than a week.</span></p>
<h2><span style="font-weight: 400;">About Prime</span></h2>
<p><span style="font-weight: 400;">Prime is a vertically integrated, full-stack lending solution for SaaS platforms offering capital programs to SMB customers. It offers software to pre-qualify and target prospects, underwrite applicants, and, in partnership with Canopy, manage the entire loan lifecycle.</span></p>
<p><span style="font-weight: 400;">They support a variety of tailored financial products through their platform, including:</span></p>
<ul>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Working Capital</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Equipment Financing</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Invoice Financing</span></li>
</ul>
<p><span style="font-weight: 400;">Prime is not a balance sheet lender. Instead, it partners with financial institutions that want to lend to small businesses but lack in-house embedded finance capabilities or the deep data science expertise that its team brings.</span></p>
<h2><span style="font-weight: 400;">The Challenge</span></h2>
<p><span style="font-weight: 400;">A major component of Prime’s value proposition is offering a full-stack solution to platforms, and as a result, Prime needed to get servicing right. However, given the heavy investment in Prime’s core data science competency in building proprietary and differentiated pre-qualification and underwriting engines, Prime chose not to build servicing from scratch. </span></p>


<h2><span style="font-weight: 400;">The Solution</span></h2>
<p><span style="font-weight: 400;">After considering several options, Prime partnered with Canopy to power its servicing engine. Canopy’s platform enabled Prime to focus resources on its core competencies—data science and capital markets—while offering a stellar servicing experience. </span></p>
<p><span style="font-weight: 400;">Canopy has also allowed Prime to move faster, introduce and support new products in weeks, and meet client reporting requirements in real-time.</span></p>


<h3><span style="font-weight: 400;">Prime’s capabilities with Canopy</span></h3>


<h3>Ready to launch your next lending product?</h3>
<p>Canopy’s modern business loan servicing platform helps fintechs and SaaS providers service accounts via APIs and automation. This flexibility improves borrower repayment rates, helps lenders launch capital products and variants faster, and significantly decreases the cost of servicing.</p>


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VP Operations, Prime

Lizzy Handman

Prime

<p><span style="font-weight: 400;">Growing companies often have limited cash to pay suppliers and vendors before their customers pay them. This is where Flexport Capital steps in. Their financing products match inventory outlays more closely with revenue, allowing companies to invest more in growth.</span></p>
<h2>About Flexport</h2>
<p><span style="font-weight: 400;">Flexport is a leading global supply chain technology and logistics services company serving Fortune 500 companies and emerging businesses. </span><span style="font-weight: 400;">Flexport Capital provides many of these companies with quick access to documentation-light working capital financing. </span></p>
<p><span style="font-weight: 400;">This arm of the organization leverages Canopy for its loan ledger and calculation engine. Canopy is integrated with Flexport Capital’s client experience and supports everything from reviewing clients’ requests to finance shipments to reporting loan data to their funding partner.</span></p>


<h2>The Challenge</h2>
<p><span style="font-weight: 400;">To create a seamless loan management system to help its customers navigate the complexity of global logistics, Flexport Capital needed a strong technology partner that could help design customized solutions for financing shipments. Finding a partner with the flexibility and scalability to complement Flexport’s existing tech stack was no easy task. </span></p>


<h2>The Solution</h2>
<p><span style="font-weight: 400;">After considering over two dozen options, Canopy stood out as the best loan management technology partner for its flexibility and willingness to fit Flexport’s requirements. Canopy’s platform structure provided a solid foundation for Flexport Capital’s products, and the Canopy team was willing to help accommodate their products. </span></p>


Thibault Maillet, Head of Financial Services at Flexport Capital

<h3><span style="font-weight: 400;">Creating a Loan Management System that fit Flexport’s needs</span></h3>
<p><span style="font-weight: 400;">Flexport Capital worked closely with Canopy to create a solution that met their high standards and delivered the best solutions for Flexport customers. As a starting point, their team developed a list of requirements before meeting with Canopy’s design and implementation team. </span></p>


<p><span style="font-weight: 400;">Flexport Capital maintained involvement throughout the implementation process via regular meetings and iteration. This allowed them to test early, identify potential issues, and prioritize activities needed for a successful launch. </span></p>
<p>Within three months of the initial scoping and design, Flexport Capital went live with its first customers.</p>
<h3><span style="font-weight: 400;">Smooth Sailing for Future Growth</span></h3>
<p><span style="font-weight: 400;">In partnership with Canopy, Flexport Capital allows companies to maximize growth by seamlessly financing as they manage their supply chain, which is the most significant source of working capital constraints for growing importers and exporters.</span></p>


<h3>This partnership made it possible for Flexport’s clients to:</h3>


Justin Sherlock, Former Head of Capital at Flexport

<h5>Ready to launch your next lending product?</h5>
<p><span style="font-weight: 400;">Canopy’s modern business loan servicing platform helps fintechs and SaaS providers service accounts via APIs and automation. This flexibility improves borrower repayment rates, helps lenders launch capital products and variants faster, and significantly decreases the cost of servicing. </span></p>
<p><span style="font-weight: 400;">To <a href="https://www.canopyservicing.com/start/"><strong>get started</strong></a>, let us know what you&#8217;re building and how we can help.</span></p>


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<p>Initially, Flexport built its own loan management system, which worked for the initial launch. However, as Flexport Capital grew, the ledger it created couldn’t keep up. Canopy’s flexibility matched Flexport’s requirement for adaptable products, ensuring smooth transitions for current and future offerings. This partnership empowered Flexport to boost efficiency and effectively handle its expanding business demands.</p>


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How Flexport Leveraged Canopy to Scale its Lending Program

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Head of Financial Services at Flexport Capital

Thibault Maillet

Flexport Capital

<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

Justin Sherlock

Flexport

<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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EVP & GM @ Novo

Kevin Phillips 

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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>


Join the companies offering next-gen commercial lending.

How Flexport Leveraged Canopy to Scale its Lending Program

How Prime + Canopy Accelerate Lenders’ Time to Market

How Novo Built B2B Multi-Credit on Canopy

How Flexport Leveraged Canopy to Scale its Lending Program

Launching Revolving Credit on a Closed Loop Infrastructure

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