Canopy overview

Canopy is an insurtech company focused on the property rental market. Canopy provides a smartphone app that gives renters an instant digital rental profile, RentPassport, which replaces the need for large cash security deposits. The venture was previously known as InsureStreet.

RentPassport provides real-time referencing by enabling potential tenants to share their digital rental history with their agents or landlords.

Once a RentPassport has been created, Canopy also offers a free Rent Tracking service which enables renters to use their rent payments to build a positive credit history.

The startup also offers an alternative to traditional deposits. DepositFree insurance replaces the cash deposit with a one-time fee and an insurance policy backed by Hiscox.

In 2017 Canopy raised £1.6m, with lead investor Direct Line investing £1.3m of that. The startup stated it planned to use the funds to expand across the UK.

In October 2019 Canopy partnered with Plaid, a US-based company that enables businesses to integrate Open Banking into their offerings. Agents and landlords will be able to check potential tenants' credit score, historical financial data and overall affordability.The partnership means that Canopy can carry out checks on tenants from Canada, France, Germany, Italy, Spain and the US.

Urban Jungle and Canopy partnered in March 2020 to provide contents insurance for renters from £5/month. Users just need to answer five questions on Canopy's mobile app to get a quote.

A few months later, in June, Canopy raised £2m in Seed funding from West Hill Capital. Canopy stated it would use the new funding to expand its partnerships with letting agents and expand its portfolio of financial products.

In November, Canopy and flexible car insurtech Cuvva partnered, as Canopy expands its network of recommended products to renters. The move comes less than a week after Canopy announced Pluto was its new chosen travel insurance provider.

Canopy is a former cohort member of Accenture’s FinTech Innovation Lab. Its Founder and CEO Tahir Farooqui is a former Associate Director at KPMG.

Map showing the location of Canopy

London, United Kingdom

Need more insight?

Speak to us about commissioning some bespoke research.

Find out more

Key people

Vin Murria Chairwoman
James Dwyer Principle
Rakesh Murria CMO
Tahir Farooqui Founder & CEO
Graham Stewart CTO