Canopy raises £3.1m to build business
Canopy has raised £3.1m in funding and secured additional backing from Experian, allowing them to extend RentPassports to renters and letting agents.
The funding, from West Hill Capital and Vision Blue Solutions, will accelerate partnerships with letting agents and drive growth.
Founded by Tahir Farooqui in 2016, Canopy is used by 15,000 renters including Get Living Rettie and Tipi Homes. Canopy’s core proposition, RentPassport, enables renters to build a digital rental profile and access products including deposit free renting and tracking rental payments. Renters can see their rental payments on Experian’s CreditExpert. Early analysis by Experian showed that by adding rental data to credit reports, the number of tenants who can prove their identity online rises from 39% to 84%, broadening the range of financial services available. Tahir Farooqui, CEO, said, “It’s a privilege working with a team to build a rental platform aimed at having a positive social impact on the lives of millions of renters.” Robert Caie, Managing Partner, West Hill Capital, said, “West Hill is delighted to invest in Canopy at such an exciting stage in the company’s growth cycle. 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.”
