London-based Canopy is a new insurtech startup providing tenants with “Rent Passports” that track their rental history, allow them to build their credit scores, and replace rental deposits with insurance.
Founded by Tahir Farooqui in 2016, the startup has raised €3.5 million from West Hill Capital, Vision Blue Solutions, and additional backing from credit score agency Experian.
The new funding will allow Canopy to extend RentPassports to more renters and build more partnerships with real estate agents. So far, the platform is used by almost 15,000 renters and counts Get Living Rettie and Tipi Homes amongst its network of agents and landlords.
Canopy’s core product, RentPassport, enables renters to build a digital rental profile and access financial products including deposit free renting and tracking rental payments through a simple app. Renters are able to see their rental payments on Experian’s CreditExpert, and don’t have to wait days for landlords to check their credit scores or rental histories. Adding rental data to credit reports also makes it easier for users to prove their identity online, broadening the range of financial services available to them.
“It’s a privilege working alongside such a passionate and hardworking team to build a rental platform aimed at having a positive social impact on the lives of millions of renters,” said Farooqui. “The capital we are raising will allow us to fulfill our vision of making renting work for everyone, initially addressing one of the core issues of the housing crisis – affordability. We’re grateful to receive backing from investors who are aligned with our purpose of building an ecosystem of financial wellness for renters”
“Experian is delighted to support Canopy on its mission of building an ecosystem of financial wellness rewarding renters for paying their rent on time,” said Chief Data Officer Jonathan Westley. “At Experian, we have a core belief in the power of data to achieve better customer outcomes. We look forward to working with Canopy to promote greater financial inclusion for millions of Renters by identifying what is genuinely affordable for them.”
“We are thrilled to support Canopy in their mission of helping renters achieve their financial goals,” said Colin Brown, CEO of Vision Blue Solutions. “Canopy stands out as the first of its kind focused on building an ecosystem of financial well-being, helping to better people’s lives. We look forward to supporting Canopy’s growth and development, and work with the team to progress our shared mission of helping millions of renters build a more resilient financial future.”