Canopy is set to help tenants become more financially resilient as it launches a software integration with Mydeposits, one of the three government approved tenancy deposit protection schemes.
Canopy users may access Mydeposits’ custodial scheme via the Canopy app, which protects tenants, landlords and estate agents when dealing with cash deposits. The integration with Mydeposits offers tenants the option to pay their cash deposit instantly via the Canopy app, rather than through the estate agent or landlord.
Estate agents and landlords using Canopy also benefit – with less administration, costs and time to process cash deposits, as well as avoiding potential regulatory issues.
Features include free instant digital referencing with Canopy RentPassport, Canopy RentTracking – a free rent-tracking service, which allows tenants to use their monthly rental payments to contribute towards their credit score and DepositFree, which enables renters to use an alternative to traditional deposit protection.
For agents, the partnership removes the hassle and associated costs of handling cash deposits from estate agents. Canopy directly transfers the tenant’s cash deposit to the Mydeposits custodial scheme through the Canopy app, and reduces estate agency admin fees.
Tahir Farooqui, Canopy’s founder, said, “We’re thrilled to partner with Mydeposits. The partnership is perfectly aligned with our commitment to promoting greater financial health for tenants.”
Eddie Hooker, CEO, Mydeposits, added, “Our custodial offering is already a popular choice for both landlords and agents. We are delighted to provide access to our custodial scheme via the Canopy portal.”