June 29, 2020
Financial resilience for renters
Updated on August 26, 2020
Every year, 6 million UK renters move to a new apartment. Each time, they must undergo an outdated and expensive leasing process.
For Canopy founder Tahir Farooqui, that inefficiency represented an untapped opportunity.
“Private renters in the UK spend nearly £70bn per year on rent plus council taxes and utilities, often a majority of their income,” explained Farooqui. “By making the renter our customer, we can improve the financial lives of millions of people.”
Based in London, Canopy is a digital rental marketplace that helps renters make better rental decisions, with personalised insights and recommendations based on the user’s unique income and spending habits. It’s a concept Canopy is calling “rental health,” and it’s built on the Open Banking data that Plaid provides.
“We use Plaid data to help our users track their monthly rental expenses and save on household bills,” explained Farooqui. “We also show them what their future can look like, based on different rental decisions they might make.”