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Canopy Secures $8 Million From Foundation Capital; New Funding Will Be Used to Meet Accelerating Demand for Consumer-Driven Healthcare Technologies

August 18, 2008

SAN FRANCISCO and CHICAGO, Aug. 18, 2008 (GLOBE NEWSWIRE) — Canopy Financial, a pioneer in innovative healthcare banking technology solutions that connect healthcare and financial services, today announced it has secured eight million dollars from leading venture capital firm Foundation Capital. Canopy, which announced a 15 million dollar funding round in January of this year from GGV Capital, will use the additional funds towards continued innovation in consumer-driven healthcare technologies. In addition, Canopy will expand its flagship product HealthDirect(r), the healthcare banking industry’s leading administration and account management platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), and Health Reimbursement Arrangements (HRAs).

“Forty three percent of all employers surveyed say they will offer HSAs or HRAs to their employee base in 2008. This injection of funds from Foundation Capital allows us to meet accelerating market demand, and gives us the ability to continue to play a key role in bringing about unprecedented change in the largest sector of the economy — healthcare,” said Vik Kashyap, CEO of Canopy.

“Canopy is the clear leader in healthcare banking technologies,” said Charles Moldow, General Partner with Foundation Capital. “We believe the company’s management team and unique market vision will continue to be a potent combination as the company enables the paradigm shift occurring today in healthcare and financial services.”

Canopy’s industry leading electronic payment, account management, and investment technology platform HealthDirect(r) supports the healthcare banking programs of some of the largest banks and health plans. Canopy was recently named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors.

About Foundation Capital

Founded in 1995, Foundation Capital is a venture capital firm committed to supporting entrepreneurs and their companies, targeting innovative opportunities in cleantech, consumer Internet and infrastructure, telecommunications and networking, and enterprise software and on demand services. Foundation Capital funds total more than $2.4 billion. For more information, http://www.foundationcapital.com

About Canopy Financial

Canopy provides innovative technology solutions that connect healthcare and financial services. Serving some of the world’s largest healthcare and financial institutions, Canopy powers the development and delivery of complete healthcare banking services for both consumers and businesses. Founded in 2004, Canopy maintains offices in San Francisco and Chicago. For more information, please visit http://www.canopyfi.com or call 1-866-960-4700.

The Canopy Financial, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4581

This news release was distributed by GlobeNewswire, www.globenewswire.com

CONTACT:   For Canopy Financial:            EGOEAST Inc.            Mark Hall            786-281-7007            markh@egoeast.com             For Foundation Capital:            OutCast Communications            Christina Furtado            415-392-8282            foundationcap@outcastpr.com 



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