Canopy, the FinTech platform focused on powering financial resilience for renters, has today (5 August) announced the appointment of a high-profile board of directors. These include Tracy DeGroose (Executive chair at Newsworks), Spiro Margaris (Global No1. FinTech Influencer / WeFox Board Advisor), Sabine VanderLinden (InsureTech influencer), David Clamp (ex-Head of Technology – HISCOX) and Alex Underwood (ex-General Counsel of Brevan Howard).
“We’re delighted to have an incredible board who are equally energised and committed to positively changing the financial lives of renters. Our mission is to power financial resilience for tenants around the world and accelerate their path to home ownership.
“It starts with offering ethical and affordable financial solutions, while a renter lives in a rental property, typically 10-12 years in the UK market. Open Banking provides a tremendous opportunity for Canopy to use data for the good of millions of cash-strapped renters.”Tahir Farooqui, Founder and CEO, Canopy
Canopy’s new board will play a pivotal role in shaping its financial ecosystem for the benefit of all stakeholders in the rental value chain. The board brings significant experience in building trusted consumer brands and strong governance.
“I’ve always been drawn to purpose driven organisations. In my experience they are more successful. Canopy’s purpose is to make renting a better financial experience for a generation that will need it even more and helping the homeless by donating 3% of our profit. I’m also delighted we are a diverse board. Again, a key ingredient for business success.
“Put simply – Canopy wants to find ways to put more money in the pockets of renters and accelerate path to homeownership. The CEO has committed to work with the UK government, banks and insurers to come up with a passportable deposit solution that would see £4.5bn returned to the pockets of renters while ensuring the interest of landlords are protected.”Tracy DeGroose (Executive chair at Newsworks)
The ongoing global pandemic will rapidly accelerate the pace of innovation in the sector and reward those who focus on building customer centric propositions that create real value for customers across the value chain – letting agents, landlords, renters, insurers and banks.
“I am particularly drawn to Canopy’s mission to power financial resilience for renters around the world. Canopy solves a huge pain point for renters and homeowners with their elegantly executed RentPassportTM, a portable rental and financial profile. In a digitally connected, Open Banking world, a renter with Canopy’s RentPassport, could rent a property anywhere in the world, pay rent, insure their belongings and most importantly, achieve their financial goals.”Spiros Margaris (Global No1. FinTech Influencer / WeFox Board Advisor)
Canopy recently partnered with Build to Rent operator – Moda Living, to provide a financial awareness digital platform for residents. Canopy offers a RentPassportTM powered by Experian and Open Banking data, which provides a free referencing product for letting agents and landlords. They also have deposit free insurance where residents make a one-off premium payment – an alternative to cash deposits – which provides eight weeks protection. This is the only product in the UK market which covers landlords’ deposit and also protects tenants in the event of major life events – such as a critical illness or job loss.
“According to McKinsey, ecosystem-based business models will account for 30% of global revenues by 2025. It’s common to vacation in Airbnb properties, to use Uber rides and food – all delivered from the convenience of a mobile device.
“Canopy is building financial products from the ground-up, by putting renters financial needs at centre of their financial ecosystem and optimising their financial experience. The Canopy team is building beautiful, renter-centric experiences that offer protection at the point of need – moving into a rental property and not as an afterthought.”Sabine VanderLinden (InsureTech influencer)