The partnership will support Moda’s leading wellbeing programme with Canopy’s holistic financial wellness offering – allowing residents to improve their credit rating. Residents fill in a form and they have a portable, digital financial and renting profile and history.
Canopy’s RentPassportTM verifies residents’ Experian credit profile including adverse financial history in circa. 60 seconds, saving time and enabling faster lets. Using Plaid’s Open Banking technology solution, residents can instantly verify their income, rental affordability and historical rental payments from their mobile phones. The Open Banking solution covers UK and North American banks as well as selected European banks.
“We are thrilled about our partnership with Moda Living which would help their Lettings Team instantly screen residents, as well as help Moda Livings’ residents improve their Experian credit score and access a range of financial products such as contents insurance, travel insurance and in the near future pay-per-mile car insurance.”Tahir Farooqui, Founder and CEO, Canopy
Ensuring all interactions is a smooth process from start to finish is a priority for Moda – from securing viewings to booking onsite amenities. The MyModa app is used to book events, message the 24-hour concierge, pay rent and book services such as apartment cleaning.
Canopy will add to Moda’s digital experience – allowing prospective residents to reserve an apartment entirely online in less than 10 clicks – enabling service levels to remain consistently high as the brand continues to grow in size and value.
“Wellbeing is at the heart of what we do at Moda, carefully selecting our partners to best support our residents, from mental and physical health with our fitness partner Hero, and now to financial wellness through Canopy.
“Being able to offer our residents a holistic financial wellness platform, including the ability for them to improve their Experian credit score by simply tracking monthly rental payments, is really exciting and continues to place us as a leading Build to Rent brand in the UK.”Tony Brooks, Managing Director, Moda Living
Canopy also offer a deposit free insurance policy – an affordable alternative to cash deposits, providing eight weeks protection to Build to Rent landlords. The policy covers landlords and letting agents for all reasonable claims, as it would be with a cash deposit.
Since 2018, Get Living has also used Canopy exclusively for tenant referencing. Get Living runs 3,000 Build to Rent homes, mainly at two schemes at East Village in Stratford and Elephant Central in South East London. Canopy is also used by Build to Rent providers Akelius and Rettie & Co – and investors include Experian, Direct Line Group, West Hill Capital and Pollen Street Capital.
”Our story started in the Build to Rent sector in 2018; since, we have added a number of leading brands in the Build to Rent sector who are similarly focused on offering residents not just a place to live – but also offer solutions which could help improve the financial lives of their residents.”Tahir Farooqui, Founder and CEO, Canopy
Moda officially opened phase one of its flagship Angel Gardens scheme in Manchester in October last year, and recently announced a 25% corporate pre-let of the final phase. Construction has started at New York Square in Leeds and The Lexington in Liverpool, with additional projects in Edinburgh, Glasgow, Hove and Birmingham. Moda has a growing pipeline of 8,000 homes with a value in excess of £2.5bn.