Canopy announces it will begin a service to reference tenants

Proptech firm Canopy announced as the latest to enter the tenant referencing market

Canopy already runs a rent recognition and alternative deposit scheme, but has launched a new platform that also includes referencing. It will use Open Banking technology to verify income and past rental payments using a user’s transactional history for verification. Renters can then share it with different letting agents and landlords.

Tahir Farooqui, Founder of Canopy, said: “We’re very excited to announce the next generation of the Canopy rental ecosystem which aims to connect the disparate strands of rental housing journey into a seamless process.

“We are putting our heart and soul towards building products and services which align incentives across the rental value chain.”

Canopy is transforming the rental market by making it easier for landlords, agents and tenants to rent properties faster. Powered by Experian, its RentPassport checks renters in advance, meaning they are ready to rent, saving time and costs for referencing and getting the right renters into the right properties.

Canopy rewards renters by using its RentTracking service to build their credit score, encouraging them to stay on top of payments. Its DepositFree insurance is an affordable alternative to the traditional cash deposit, and can reduce the time-to-let by up to 90%. Based on rental history, Experian credit report and their RentPassport, its renters can build up a profile that gives landlords the confidence to let quickly and with minimum hassle.

Canopy supports the Build to Rent sector with intuitive residential management solutions built for the new digital marketplace, letting them focus more of their time and energy on growth. 

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