Canopy appoints high profile board

The housing market is one of the largest products and service markets in the world. It is also one of the least digitised. The ongoing global pandemic will rapidly accelerate the pace of innovation in this sector and reward those who focus on building customer centric propositions that create real value for customers across the value chain - letting agents, landlords, renters, insurers and banks.

Canopy’s new Board will play a pivotal role in shaping its financial ecosystem for the benefit of all stakeholders in the rental value chain. The Board brings significant experience in building trusted consumer brands and strong governance.

Tracy DeGroose commented: “I’ve always been drawn to purpose driven organisations. In my experience they are more successful. Canopy’s purpose is to make renting a better financial experience for a generation that will need it even more and helping the homeless by donating 3% of our profit. I’m also delighted we are a diverse board. Again, a key ingredient for business success.

“Put simply - Canopy wants to find ways to put more money in the pockets of renters and accelerate path to homeownership. The CEO has committed to work with the UK government, banks and insurers to come up with a passportable deposit solution that would see £4.5 billion returned to the pockets of renters whilst ensuring the interest of landlords are protected. “

Spiros Margaris commented: “When I was introduced to Tahir Farooqui, the CEO of Canopy, I was impressed by his energy and enthusiasm to change home renting as we know it. For most renters, housing costs dominate their financial picture. Renting is also often a painful experience.

“I am particularly drawn to Canopy’s mission to power financial resilience for renters around the world. Canopy solves a huge pain point for renters and homeowners with their elegantly executed RentPassportTM, a portable rental and financial profile. In a digitally connected, Open Banking world, a renter with Canopy’s RentPassport, could rent a property anywhere in the world, pay rent, insure their belonging and most importantly, achieve their financial goals”.

Sabine VanderLinden commented: “According to McKinsey, ecosystem-based business models will account for 30 percent of global revenues by 2025. It is common to vacation in Airbnb properties, to use Uber rides and food - all delivered from the convenience of a mobile device. Canopy is building financial products from the ground-up, by putting renters financial needs at centre of their financial ecosystem and optimizing their financial experience. The Canopy team is building beautiful, renter-centric experiences that offer protection at the point of need e.g. moving into a rental property and not as an afterthought.

Tahir Farooqui, Founder and CEO of Canopy commented. “We are delighted to have an incredible board who are equally energized and committed to positively changing the financial lives of renters. Our mission is to power financial resilience for tenants around the world and accelerate their path to home ownership. It starts with offering ethical and affordable financial solutions, whilst a renter lives in a rental property, typically 10-12 years in the UK market. Open Banking provides a tremendous opportunity for Canopy to use data for the good of millions of cash-strapped renters.”

Canopy offers a RentPassportTM, powered by Experian and Open Banking data, which provides a free referencing product for letting agents and landlords. Canopy also offers a deposit free insurance - an affordable alternative to cash deposits - providing eight weeks protection. It’s a one-off premium, paid by the tenant and the only product in the UK market which in addition to covering landlords’ deposit, also protects tenants, in the event of major life events e.g. critical illness or job loss. The policy covers landlords and letting agents for all reasonable claims, as would be the case with a cash deposit.