Canopy, the digital rental market-place which is on a mission to help millions of renters achieve greater financial resilience, has raised £3.1m, in the first few weeks of its current funding campaign.
The company has also secured additional backing from Experian which will allow Canopy to significantly extend RentPassports to Renters and Estate Agents.
The funding, from West Hill Capital and Vision Blue Solutions, will help Canopy achieve its vision of making renting more affordable for all, and will be used to accelerate partnerships with Estate Agents and drive sales and growth.
Founded by Tahir Farooqui in 2016, Canopy is bringing consumer choice to the fore in the property rental space, making a positive social impact to an industry in vital need of reform and innovation. The platform is currently used by almost 15,000 renters and counts Get Living Rettie and Tipi Homes amongst its network of agents and landlords.
Canopy’s core proposition, RentPassportTM, enables renters to build a digital rental profile and access a range of financial wellness products including deposit free renting and tracking rental payments. Renters are able to see their rental payments on Experian’s CreditExpert. Early analysis by Experian showed that by adding rental data to credit reports, the proportion of tenants who can prove their identity online increases from 39% to 84%, broadening the range of financial services available to them.
Tahir Farooqui, Founder and CEO, Canopy, commented: “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. The capital we are raising will allow us to fulfil 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 withour purpose of building an ecosystem of financial wellness for Renters”
Robert Caie, Managing Partner of West Hill Capital, commented: “West Hill is delighted to be investing in Canopy at such an exciting stage in the company’s growth cycle, where it is now delivering its market-leading financial well-being tool to private renters throughout the UK. Canopy can already boast an impressive distribution network of agents and landlords such as Hamptons and Get Living, along with corporate customers such as PwC and John Lewis.
“West Hill Capital partners with passionate technology entrepreneurs and invest in what we believe are high growth businesses that can offer our investors an opportunity to achieve market leading returns. We look for an innovative product or service that can demonstrate a global application and hence significant scalability. We feel Canopy exhibits all of these qualities and as such we are pleased to be with them on their journey.”
Jonathan Westley, Chief Data Officer, UK&I and EMEA, said: “Experian is delighted to support Canopy on its mission of building an ecosystem of financial wellness rewarding Renters for paying their rent on time. 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.”
Colin Brown, CEO, Vision Blue Solutions, said: “We are thrilled to support Canopy in their mission of helping renters achieve their financial goals. 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.”