London-based proptech startup Canopy has raised €3.5 million in a Venture Round led by Vision Blue Solutions and West Hill Capital. Additional participation in the financing round came from Experian. Canopy is creating an ecosystem for landlords, agents and renters that simplifies the rental and tenancy process.
Canopy has produced a RentPassport to replace traditional rental deposits. The digital passports enable tenants to essentially build a rental profile. Within these digital profiles, users can track their rental history, build their credit scores, view rental payments, and replace rental deposits with insurance.
As highlighted by the investment, Canopy has teamed up with consumer credit company Experian. With Experian’s CreditExpert, Canopy renters are able to see their rental payments 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.
Canopy plans to use the new funding to extend the outreach of its RentPassports product, and to also build more partnerships with real estate agents. Currently, the platform is used by almost 15,000 renters and clients include British estate agents Rettie and Tipi Homes.
Founder of Canopy, Tahir Farooqui, said: “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 fulfill our vision of making renting work for everyone, initially addressing one of the core issues of the housing crisis – affordability,” added Farooqui. “We’re grateful to receive backing from investors who share our purpose of building an ecosystem of financial wellness for renters.”
Farooqui founded the company in 2017, and the latest financing is its second funding round to date.