FinTech start-up Canopy raises £3.1m
Digital rental marketplace Canopy has raised £3.1m from West Hill Capital and Vision Blue Solutions.
Founded by Tahir Farooqui in 2016, its core proposition enables renters to build a digital rental profile and access a range of financial products including RentPassport, a multi-channel renter screening app powered by Open Banking.
The London-based platform is currently used by almost 15,000 renters and counts Get Living Rettie and Tipi Homes amongst its network of agents and landlords.
It has also secured additional backing from Experian which will allow Canopy to significantly extend RentPassports to Renters and Estate Agents.
The latest investment brings the total raised by the company to $6.1m, after a seed round in 2017.
“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,” said Farooqui.
“The capital we are raising will allow us to fulfil our vision of making renting work for everyone, initially addressing one of the core issues of the housing crisis – affordability.
“We’re grateful to receive backing from investors who are aligned with our purpose of building an ecosystem of financial wellness for Renters”
Robert Caie, Managing Partner of West Hill Capital, added: “ 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.”
The firm’s chairwoman Vin Murria was named as one of BusinessCloud’s 101 Female Founders.