Canopy is the latest proptech firm to announce an entry into the tenant referencing market.
It 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 has recently raised £3m, from West Hill Capital and Vision Blue Solutions, will be used to accelerate partnerships with letting agents.
Rival rent recognition provider CreditLadder also revealed last month that it planned to enter the tenant referencing market. It revealed its plans as part of the launch of a £600,000 Seedrs crowdfunding campaign, which is currently at 78%.
I would do some digging into those numbers……
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Rival rent recognition provider CreditLadder; how many times, there is no such thing. Please name one bank, building society, credit card company or any financial institution for that matter, that takes into account rental payments……….
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