Credit Suisse acquires stake in wealth aggregation platform Canopy
Swiss wealth manager Credit Suisse has bought a 10% stake in Canopy, a wealth aggregation platform based in Singapore.
Canopy is a financial data aggregation, visualisation, and analytics platform for wealth management professionals and HNWIs.
The stake acquisition follows the Swiss firm’s participation in a $3.4m Series A funding round for the wealth platform. The funding round was also joined by Lionrock Capital.
Credit Suisse Asia Pacific head of strategy Rajat Gupta said: “We are excited about the potential with Canopy and its focused expansion in wealth management, especially in Asia where wealth assets and number of high and ultra-high-networth individuals is expected to significantly grow in the next five years.”
Canopy intends to use the latest investment to expand into key wealth markets such as Zurich and Hong Kong, and accelerate new product development.
Canopy CEO Tanmai Sharma said: “With the Credit Suisse partnership gaining momentum, and other institutional clients also looking to utilise Canopy — our pipeline and rate of growth is rising.
“We are ready to rollout new solutions that intuitively, easily and securely enable utilisation of Canopy to upload, aggregate, analyse and visualise underlying holdings, which can be quite complex and diverse across regions and asset classes.”