Credit Suisse acquires stake in Singapore wealth aggregation startup Canopy
14 December 2017 | 8645 views | 0
Credit Suisse has acquired a ten percent stake in Singaporean digital wealth aggregation platform Canopy.
The Swiss bank participated in a $3.4 million funding round in the firm following a pilot trial earlier this year which saw the startup's data feed embedded in Credit Suisse's digital private banking platform.
Canopy allows clients to aggregate bankable and non-bankable assets across different geographies and asset classes and provides daily valuation updates to ensure that the portfolio and respective analytics remain up to date.
Canopy says it will use the funding to expand into new markets, including Hong Kong and Zurich.
Credit Suisse set up its first Innovation Hub in Singapore in 2014, where a development team alongside several technology companies worked together to develop the initial prototype of the bank's global digital private banking suite that was first launched in Singapore in March 2015.