A firm which supplies tenancy deposit replacement products and rent passports has raised £3.1m in the first few weeks of a new funding campaign.

Canopy said that the funding, from West Hill Capital and Vision Blue Solutions, will be used to accelerate partnerships with letting agents.

Founded by Tahir Farooqui in 2016, Canopy’s platform is currently used by almost 15,000 renters.

Canopy’s core proposition RentPassport enables renters to build a digital rental profile and access a range of financial products.

Renters are able to see their rental payments on Experian’s CreditExpert.

Early analysis by Experian has shown that by adding rental data to credit reports, the proportion of tenants who can prove their identity online increases from 39% to 84%.

As well as RentPassport, Canopy offers DepositFree.

Farooqui said: “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.”