Fintech Startup "Canopy" Secures 1 Billion KRW Seed Investment from Smilegate and Others

Canopy, a real-time earned wage access (EWA) platform for employees, announced on November 4 that it has secured a total of 1 billion KRW in Seed 2 round funding from Smilegate Investment, Magellan Technology Investment, and CNT Tech.

This round comes approximately six months after the Seed 1 round, which included Seoul National University Holdings in May. Unlike a simple multi-closing, this follow-up round was conducted after the company's valuation rose significantly compared to the previous round. With this latest investment, Canopy has now secured a cumulative total of 1.5 billion KRW.

Canopy was founded in April last year and received its initial investment from Hanwha Hotels & Resorts. With the goal of "returning payroll control to employees," the company introduced a service that allows workers to check and withdraw their earned wages in real time whenever they wish.

For employers, a GPS-based check-in feature enables them to calculate working hours without the need for additional system integration or costs. Employees, in turn, can immediately access liquidity for living expenses, alleviating financial stress and improving their overall welfare.

Canopy has secured a diverse range of domestic and international clients, including Hansol Group, Daekyo Group, Five Guys, and Zegna, all of whom recognize the need for EWA services.

In particular, Canopy is currently conducting a local proof of concept (PoC) in Singapore with KB Financial Group after being selected for the "K-Startups Global Program." The company is also exploring opportunities for global market expansion through technology collaboration and network building with partner startups such as FuriosaAI and Sendbird.

Canopy CEO Lee Inhoo decided to launch the company after gaining business experience in consulting and M&A advisory at global firms such as KPMG, PwC, and Google.

Lee stated, "We aim to go beyond simple payroll advances and build a new fintech infrastructure that restores financial empowerment to employees, ultimately establishing a global standard for fair financial opportunities."

Canopy recently demonstrated its technological and business capabilities by winning the grand prize (1st place) at the "2025 Seoul Fintech Week." The company has also been officially invited to present on the global demo day stage at the "2025 Singapore Fintech Festival," which opens on November 12.

Jo Yoojin, Team Leader at Smilegate Investment, explained the reasoning behind the investment, stating, "Canopy has proven market traction by quickly securing large corporations and global brands. With its social value of improving employee financial welfare and a strong revenue model, we see significant future potential."

This content was produced with the assistance of AI translation services.