Canopy, a firm that says it wants to eliminate rental deposits in the next five years, has won a £50,000 cash injection.

The PropTech firm has been named as a finalist in a banking data competition called the Open Up 2020 Challenge. 

The cash has been awarded specifically for its RentPassport product, which the company describes as “a portable digital rental identity which helps renters improve their credit score, as well as access a range of financial wellness products such as deposit free insurance which offers the same protections as with a cash deposit, except for eight weeks instead of five weeks.”

The £50,000 will be used to continue to develop the product and will take the RentPassport into a contact next summer, the winner of which will receive up to £200,000 in additional funding. 

“Over 11m people in the UK have less than a £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” says Tahir Farooqui, Canopy’s chief executive. 

Out of the 107 entries received, the judging panel in the Open Up 2020 Challenge selected the 15 most promising concepts to move on to the final round. Many of these, including Canopy’s RentPassport, are already operating.