Proptech – Rental passport firm given another £2 million despite Covid

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canopy proptech

Rental proptech platform Canopy has secured a further £2 million from investors in just 48 hours, scotching rumours that investors had been getting cold feet about technology during the Covid pandemic.

London-based Canopy has now raised £10 million in total to fund the creation of its service, which uses Open Banking technology to offer landlords and letting agents a free tenant screening service and a low-cost referencing platform.

Renters are offered both a free rental passport via its smartphone app and a rent tracking service that enables tenants to improve their credit score by paying their rent on time.

Its platform also offers agents the opportunity to distribute Canopy’s alternative deposits product and, it claims, onboard tenants quicker.

Canopy was established in 2016 and says it is currently in an ‘enviable position’ as a result of the COVID-19 pandemic because there is now a global need to digitise processes and practices that have long been due an overhaul, including renting properties.

The  proptech firm says it intends to use the latest funding to both bolster its sales team and invest in emerging technologies and rich data sources available through Open Banking to upgrade its tenant screening product.

Tahir Farooqui (left), Canopy’s founder and CEO, says: “Renters have been historically undeserved by both the financial services as well as the lettings sector.

“Our mission is to power financial resilience for renters around the world with the goal of reducing household costs for millions of rental households.”

Read more about Canopy.