Deposit alternative system and rental financial services platform Canopy has raised over £2m in a funding round that was oversubscribed within 48 hours.
Canopy intends to use the latest funding to bolster its sales team, invest in emerging technologies and data sources available through Open Banking.
A statement from the firm says that it will eventually launch “hyper-personalized financial products for renters and to expand into a wider range of related services — built around serving the financial needs of renters.”
Chief executive Tahir Farooqui says:“Renters have been historically underserved by both the financial services as well as the lettings sector. Our mission is to power financial resilience for Renters around the world with the goal of reducing household costs for millions of rental households.
“One of our key goals is to eliminate all forms of rental deposits including £4.5 billion of cash tied up in rental deposits and deposit alternative products by December 2021. That would mean on average £900 of cash saved per rental household, nationally, and £3,000 in London.”
He says work on his platform is being conducted with letting agents and Build To Rent operators in mind.