Canopy wins first round of Rent Recognition Challenge

Written by
General
April 12, 2018

Canopy has been successful in getting through to round two of the Government’s hotly contested Rent Recognition Challenge. The £2 million prop/fintech competition was announced in 2017’s Autumn Budget and just six companies have been put through to the second stage.

We’re thrilled that our vision, passion and commitment to making renting fairer, more rewarding and affordable for all has been recognized by a panel of respected judges. As part of round two, Canopy has been awarded £100,000, which will be used to further develop our product.

Tahir Farooqui, CEO and Founder of Canopy, commented: “We’re delighted that Canopy’s RentPassportTM - developed in partnership with Experian and in consultation with our partner Build-2-Rent (B2R) operators, agents and renters - has been selected as a first-round winner of the Rent Recognition Challenge. We look forward to working closely with H.M Treasury to further develop a market-leading solution that will enable social and financial inclusion and at a minimal cost to Renters.”

Canopy is taking a holistic approach to finessing its product, mindful of how the rental market may look in the future: “Canopy will be making a significant contribution to tackling the UK’s housing/rental crisis by setting up a steering committee as part of round two of the Rent Recognition Challenge, to be chaired by a high profile charity head,” adds Tahir. “The committee will be solely focused on shaping our product so we provide bespoke solutions and meet the demands of an ever-changing lettings industry. We look forward to helping the UK’s 11 million renters to track their rent payments, record them on their credit files and become homeowners faster.”

About the Rent Recognition Challenge

The Government introduced the Rent Recognition Challenge in 2017 to encourage firms to develop new applications or improve existing products that will enable tenants’ rental payment to be shared with lenders and credit agencies. Three or four companies operating in the second round whose prototypes have most impressed the judges will share a further £1.4 million fund later in 2018.