Having raised $21 million (USD) in Series A funding led by venture capital firm New Enterprise Associates (NEA) in early 2018, Drop has had a monumental year of growth, nearly tripling its Toronto-based team, and acquiring over 150 new merchant partners that includes Casper, Jet.com, Uber Eats and Sephora.
The fintech startup has primarily focused on member-centric personalization and seamlessness, though Chief Executive Officer (CEO) Derrick Fung felt poised to level up the Drop product through a dedicated, data-centric approach.
With Drop’s internal repository housing over 2 Million cards, in parallel with Canopy Labs’ focus on predictive modelling and data-first behavioral loyalty – the companies’ synergies were hard to ignore.
“The future of the loyalty and rewards space is centered around intelligence and personalization,” says Fung.
“We believe the combination of our direct-to-consumer model of ingesting financial data and Canopy Labs’ machine learning technology will allow us to build a best-in-class product for both consumers and our merchant partners. The calibre of their team and customers will provide us with a massive head-start and go-to-market strategy.”
Canopy Labs executives Wojciech Gryc (Chief Executive Officer) and Jorge Escobedo (Chief Technology Officer) are also thrilled to bring their machine learning software to Drop to further disrupt the loyalty market.
Since its inception in 2012, Canopy Labs has analyzed over $20 billion in sales data, and built over 100 million customer profiles from over 300 companies, spanning airlines, retailers, banks, sports teams, and e-commerce.