Canopy

Tahir Farooqui founded Canopy in 2016, inspired by his own challenging experiences as a renter in London. This personal journey led to the creation of a platform designed to address the inefficiencies and financial burdens of the traditional rental market.

Canopy operates as a financial technology company that has built an ecosystem for renters, letting agents, and landlords. The company's business model is centered around its two main products: RentPassport® and RentTracking. For letting agents and landlords, Canopy offers a streamlined tenant referencing process, reducing the time it takes to pre-qualify tenants from days to minutes. This helps to minimize void periods and associated costs.

For renters, Canopy provides a suite of tools to improve their financial well-being. The RentPassport® allows them to create a digital rental history, which can be shared with prospective landlords and agents. A key feature is RentTracking, which reports rental payments to credit reference agencies like Experian, enabling tenants to build their credit history. Additionally, Canopy offers a deposit alternative, replacing the traditional upfront cash deposit with a small insurance policy, thereby reducing the initial cost of moving for renters.

The company generates revenue through its insurance products and by providing its platform services to letting agents and landlords. By serving both sides of the rental transaction, Canopy aims to create a more efficient, transparent, and financially inclusive rental market.

Keywords: rental market, tenant referencing, credit building, deposit alternative, proptech, insurtech, financial wellness, rental history, landlord services, tenant services