Category Visionaries Matt Bivons, CEO & Founder of Canopy: $30M Raised to Build a Modern Servicing Platform for Scaling FinTechs
Canopy, an API-first loan management and servicing platform, has raised over $30 Million to revolutionize how companies manage and service loans. In this episode of Category Visionaries, Matt Bivons shares his journey from designer to founder, and how Canopy is transforming loan servicing from a cost center into a profit center. With over five years of experience serving B2B lenders, Canopy's platform enables companies to create flexible, personalized lending products while maintaining robust infrastructure for loan management.
Topics Discussed:
- Evolution of Canopy from a student credit card concept to an enterprise loan servicing platform
- The challenges of building infrastructure for financial services
- Product-led growth in B2B enterprise software
- The journey from designer to marketer to founder
- Market segmentation and category creation in fintech
- The transition from consumer to B2B lending focus
- Development of "intelligent servicing" through AI and ML
GTM Lessons For B2B Founders:
- Embrace market signals for pivots: Matt initially planned to build a student credit card but pivoted to loan servicing infrastructure after recognizing stronger market demand. He shares, "I realized at that moment that was the market pool, that was the signal that was saying I need to pivot." B2B founders should remain attuned to market feedback and be willing to adapt their vision accordingly.
- Find your wedge by going deeper: When Canopy eliminated 50% of their sales pipeline by cutting consumer lending, it enabled deeper penetration into B2B markets. Matt explains, "We were just spread way too thin, and we needed to go a lot deeper in the market that we're being pulled into." B2B founders should consider strategic trade-offs between market breadth and depth.
- Validate distribution assumptions: Matt learned that self-serve "lending as a service" attracted the wrong customers and complicated pricing. He notes, "It attracted the wrong type of customer... charging per API call is very confusing to most people when you're dealing with lending." B2B founders should thoroughly test go-to-market assumptions before scaling.
- Build trust through education: Canopy discovered that most sales cycles take about a year and require building deep trust. Matt emphasizes, "The combination of content marketing and direct sales, which is all about building trust, is where we are right now." B2B founders should invest in educational content and relationship building for complex sales.
- Segment your market precisely: Canopy analyzes their market by both vertical (logistics, healthcare, etc.) and horizontal loan types (revolving credit, merchant cash advance, etc.). Matt explains, "If the verticals are the business model, the loan type is the horizontal that goes across them." B2B founders should develop detailed market segmentation to guide product and GTM strategy.
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