Canopy launch a potentially transformational partnership with OnTheMarket

Canopy, the multi award winning digital marketplace for renters, are delighted to announce a potentially transformational strategic partnership with On the Market “OTM”, the UK’s third largest property portal. This is a key deal that provides a clear path to significant scale, driving user volumes and sales. 

Utilising Experian data and Open Banking, Canopy has been recognised as one of the most innovative Fintech platforms in the UK, transforming the way that private renters can rent a property, whilst providing valuable data on a renter’s financial position, consumption habits and purchasing power. The Company has attracted investment from some notable corporate investors and existing shareholders include Direct Line Group, Experian and Pollen Street Capital (via Aryza).

Via this partnership, OTM are able to offer Canopy’s Rent Passport to provide instant tenant screening to its 4,500 lettings agent customers, enabling lettings agents to close deals faster, providing substantial cost savings and an accurate assessment of a tenant’s affordability. In partnership with Experian, Canopy produce an automated, portable digital financial profile which takes 5 minutes to generate and includes an Experian based credit score.

Canopy expect the partnership to result in substantial distribution through the acquisition of 100 new lettings agent partners per month with management targeting partnerships with 778 agents by the end of this year and almost 825k renters on the platform by the end of next year. The Company see great opportunities to monetise a rapidly expanding user base through subscription services and via the sale of relevant financial products on the Canopy marketplace.

CFO of Canopy, Chris Hutchinson, commented:

‘We are delighted to announce this partnership with a major player in the UK property sector. Canopy are well positioned to accelerate, building upon the foundations that we have put in place to become the number 1 platform for renters in the UK.

‘Our mission is to improve the lives of millions of rental households by providing access to tools, services and products that fix traditional pain points for renters and put more money in their pockets.’

Jason Tebb, Chief Executive Officer of OnTheMarket, said: 

‘Our partnership with Canopy is a direct result of feedback from our agents and is a further progression of our OnTheMarket platform. 

With the private rental sector currently estimated to comprise almost 6 million households in the UK and growing, this offers us the opportunity to create more leads and value for our advertisers.’