- Launched in 2018, Canopy’s ambition is to build a digital rental market-place that is fair for all.
- In July, Canopy recently partnered with OnTheMarket to offer 12 months free comprehensive tenant referencing to all their registered agents.
- Canopy have also just completed another funding round to help boost further product development and innovation in the Proptech space.
Canopy are streamlining the rental process with the aim of reducing paperwork and replacing it with innovative technology at your fingertips to help simplify the rental application process.
Canopy has two core products; RentPassportTM, a multi-channel tenant referencing solution powered by Open Banking and Experian credit data and Rent TrackingTM. Which records rental payments with two of the biggest credit bureaus in the UK, Experian and Equifax, allowing tenants to build up and ultimately improve their credit history and score during the course of their tenancy while also reducing the risk of rental arrears for landlords and letting agents.
For employment and previous landlord verification, Canopy charges a one-time £3 to housing providers, or £5 including a right-to-rent check. Comprehensive renter screening typically costs letting agents £25 – £70.
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The RentPassportTM is an instant digital tenant screening tool. Using Open Banking technology powered by Plaid and Experian data, the Canopy RentPassportTM enables UK letting agents and landlords to have access to prospective tenant’s affordability, credit assessment, and historical financial data for free in a matter of minutes. Through this innovative technology, landlords are able to make informed and fast decisions regarding a tenancy, ultimately streamlining the rental process for all parties involved.
RentTrackingTM – Approximately £91bn of rent is paid annually in the UK, making it one of the largest financial outgoings for any rental household. Canopy RentTrackingTM enables renters to track their rental payments, which the Company reports to both Experian and Equifax on a monthly basis, to allow tenants to boost their credit score. By building a renter’s credit score RentTrackingTM improves a renter’s visibility to the financial services sector which offers renters the benefits of a wider range of financial products such as cheaper mortgages and loans enabling renters to live more fulfilling financial lives.