SAN FRANCISCO, May 20, 2008 (PRIME NEWSWIRE) -- Canopy Financial, a leading provider of financial technology and electronic payment solutions to the healthcare and financial services industries, announced today the company has been named a winner of the Red Herring 100 North America 2008, an award which recognizes the 100 most promising companies driving the future of technology. Canopy is working to solve the current healthcare crisis in America through patent-pending technologies and services that drive the emerging healthcare banking industry and market for Consumer Driven Healthcare (CDH).
"We are extremely pleased to have been named a winner of the Red Herring 100 North America 2008, an award that seeks to identify the next generation of innovators and disruptors," said Vik Kashyap, CEO of Canopy Financial. "Today Americans spend more than two trillion dollars or roughly sixteen percent of GDP annually on healthcare, and over forty million Americans lack health insurance coverage. Canopy's innovative technologies are revolutionizing healthcare banking for many of the nation's largest financial institutions and healthcare companies, changing the way businesses and consumers more affordably access and manage healthcare benefits and spending dollars. To be recognized by Red Herring for our efforts is a tremendous honor."
"The large number of entries in this year's competition demonstrates that the economic slowdown has not affected technology innovation," said Joel Dreyfuss, editor-in-chief of Red Herring. "The companies on this year's list are proof that creative ideas continue to find the funding that turns them into promising businesses."
HealthDirect(tm), Canopy Financial's core service offering, is the leading technology-enabled administration and account management platform for Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Arrangements (HRAs), and Voluntary Employees' Benefit Associations (VEBAs). HealthDirect allows healthcare and financial institutions to dramatically streamline the administration of health-related spending accounts, while enabling total control over branding, pricing, fees, interest rates, substantiation rules, and the entire customer experience.
About Canopy Financial
Canopy Financial 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 www.canopyfi.com or call 1-866-960-4700.
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