Former Foxtons and Marsh & Parsons boss Peter Rollings has joined proptech firm Canopy as an advisor.
Canopy, which offers rent passports providing free referencing products for agents and also tenancy deposit replacement products, has formed a new advisory board.
It will work closely with the Canopy management team to shape the business model.
Rollings, who is also a non-executive director with Viewber, said: “My colleagues on the advisory board and I have been deeply impressed with Canopy’s mission of helping improve tenants’ financial wellness.
“The company has already launched a number of financial products aimed at giving tenants access to affordable, fair and transparent products that fit economically into tenants’ busy lives and/or stretched budgets.
“Canopy’s products will also have a positive impact on letting agents, such as Canopy’s tenant screening product which can reduce tenant screening costs by 85%, and the revenue growth opportunities from innovative financial products and services.
“I am excited about the evolution of Canopy and potential ahead.”
Members of the six-strong advisory board include Vin Murria, a previous non-executive director of Zoopla, and Paul Belson, formerly head of residential investment at Chestertons, and according to his LinkedIn profile a member of the “DCLG PRS Taskforce”.
Tahir Farooqui, founder and CEO of Canopy, said: “I am thrilled to work alongside highly respected industry leaders with deep sector expertise to guide our thinking over the coming years.
“Our mission is to help create a society which promotes rental and financial inclusion – where tenants have a better relationship with money, are able to meet their financial goals and live a healthy financial life.
“We also aim to serve letting agents and landlords who are embracing emerging technologies and recognise tenants, in addition to the landlords, as a customer.
“At Canopy, we are grateful for having the opportunity to work alongside some of the leading names in the lettings agent and build to rent market.”
Comments (4)
“I will never accept a tenant passport over doing my own referencing, likewise with deposit replacement schemes. Unfortunately tenants who have something to lose may be a little bit more careful with my properties.”
This has been the way for some time. But let us have a look over the horizon at what is coming (and faster than we might imagine) Generation Z and whoever are coming along behind them are used to living at least some of the time in a virtual world. They want easy access NOW to all kinds of products and services. If you had access via Open Banking to a full rental history over years and the deposit schemes had permission to share data about any claim (from a tenant applicant) and applicant A had an unblemished record but did not want to pay any deposit, but applicant B had no history but was happy to pay a deposit, who would it be in the best interests of your client to accept? The tide is changing……….. If we do not adapt to the new fintech and what is being offered to “customers” we will drown like all the other businesses that are insisting on standing still.
Canopy is part of what is happening; Open Banking and 3rd generation banks such as Monzo are evolving so fast that I can see a time within a couple of years that I will be able to offer tenancies to some applicants without asking for either a deposit or a so called replacement product.
I will never accept a tenant passport over doing my own referencing, likewise with deposit replacement schemes. Unfortunately tenants who have something to lose may be a little bit more careful with my properties.
Tenant passports should not replace tenant referencing and are not designed to.
A tenant passport gives an indication of a tenant’s ability to pass referencing once they have seen a property they like and can afford. It is a way of filtering out time waster viewings and fruitless applications. Effectively they are an affordability and credit score test.
I believe that the intention is for tenant Passports to replace referencing at some point hence why Rightmove bought van Mildert