Proptech firm behind RentPassport secures £50,000 to develop product

Canopy has been awarded £50,000 to develop its RentPassort product.

The idea of the RentPassport is to give tenants a digital rental identity so any agent or landlord can check on their income and credit history.

Renters also get access to Canopy’s rent recognition service to build their credit score and its alternative deposit scheme.

The money has come from innovation charity Nesta as part of its Open Up 2020 Challenge aimed at firms making use of Open Banking technology.

Canopy is one of 15 firms that has received £50,000 each, and the winner, to be named next July, will get a further £150,000 to £200,000.

The businesses also receive non-financial support including marketing, business mentoring and service design.

Tahir Farooqui, chief executive of Canopy, said: “We are thrilled about the opportunity to work with Nesta Challenges to promote greater financial resilience for millions of renters.

“Over 11m people in the UK have less than £100 in savings. We have pledged to return £1,200 back to renters’ pockets, by eliminating rental deposits by 2025.

“We also want to boost renters’ financial wellness, so they can get on to the property ladder.”

Chris Gorst, director of challenges at Nesta Challenges, said: “Whether it is gig economy workers, 18 to 35-year-olds, or more vulnerable groups, millions of people across the UK are struggling to keep on top of their finances.

“The financial services sector has been slow to respond to society’s evolving needs, whether it’s better serving the UK’s renters, fraud prevention for the vulnerable, or helping those with an unpredictable income manage their finances and get a mortgage.

“The Open Up 2020 finalists are addressing these issues – and more – using Open Banking to make it easy for people to overcome some of the real-life issues they are dealing with every day.

“Among other areas, the solutions have the potential to change the UK’s rental market, help people avoid expensive or unnecessary debt, and allow young people to save and proactively find people the best deals.

“We see this as the start of a big consumer-friendly shift in financial services.”

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3 Comments

  1. Lil Bandit

    50k? Drop in the ocean for these unprofitable cash guzzling “tech” startups….

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  2. Woodentop

    1. The idea of the RentPassport is to give tenants a digital rental identity so any agent or landlord can check on their income and credit history.

     

    Accuracy and ‘current’ details will make this work or fail. I struggle to see how it can be possible keep a pace with “income”.

     

    2.  We have pledged to return £1,200 back to renters’ pockets, by eliminating rental deposits by 2025.

     

    Have you now! Shame you do not seem to understand the need for deposits. If they can’t save for a deposit, how on earth does one expect them to save one to purchase or remove the high risk of them maintaining rents. “No deposit” is a classic affordability risk during the tenancy for landlords to consider before accepting any tenant.

     

    Renters struggling finance is not the making of PRS. The high jacking of PRS by SHS and trying to make it in effect a charity because of the short comings of living standards and government policies.

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  3. TOZ4

    Who pays? Tenants currently pay nothing to be referenced, so they aint paying. I pay £25 + my time. So, how much and who pays?

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