Canopy partners with TrueLayer to bring Open Banking to the rental market

Source: TrueLayer

TrueLayer, a leading provider of financial APIs, has partnered with rental marketplace Canopy.

The integration will enable Canopy’s customers to automatically update their financial information via its RentTracking tool. As a result, their rental payments will be taken into account for their credit score. This will provide more accurate and timely financial data, empowering Canopy’s renters to gain access to more affordable and innovative financial products.

TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.

Canopy helps renters boost their credit history by making it easy for rent payments to be factored into credit scores. This improves access to more affordable financial products such as mortgages.

Francesco Simoneschi, CEO and Co-founder of TrueLayer, said: “This partnership represents the power of Open Banking to fuel financial inclusion. By making it easier for consumers to securely and quickly share their financial data with trusted companies, we can help people who have been traditionally locked out of the financial market.

“Canopy provides an incredibly important service, there is a whole generation of people who pay a significant part of their income on rent and find it difficult for this expenditure to be considered by banks. We’re very pleased to be working with Canopy to solve this problem.”

Tahir Farooqui, CEO and Founder of Canopy, said: “Canopy is committed to empowering renters by improving their access to better credit and fueling economic growth. Our partnership with TrueLayer, is a first step towards our commitment to exploring emerging technologies, new data sources, new distribution channels including explosive growth of mobile devices as key factors to making affordable credit more accessible.”

TrueLayer’s work with Canopy follows partnerships with Monzo, Starling Bank, CreditLadder, Clockwise, Resident, Anorak and Zopa.

TrueLayer became one of the first UK companies to be authorised and registered by the Financial Conduct Authority (FCA) to provide APIs under Open Banking and PSD2. The confirmation means that it has passed rigorous security, management and operations assessments.

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