teclet & Canopy partner to bring innovative financial products to the lettings market

teclet is a digital technology platform which automates the vast majority of lettings, renewal and property management tasks with fully compliant processes that maximise the operational efficiencies for letting agents and provide an improved service for landlords, tenants and guarantors. The teclet platform also provides 24/7 access to all parties to progress transactions and access records and documentation relating to their tenancies.

Canopy is a digital rental ecosystem focused on simplifying Tenant verification process for the lettings industry and improving the financial lives of millions of rental households, supported by Experian and Plaid’s Open Banking data. Canopy has raised over £10m of seed capital including its most recent funding round of over £2.0m. Canopy exceeded its funding target and was oversubscribed within 48 hours of opening the investment round led by West Hill Capital.

Letting agents working with teclet can, via the Canopy system, reduce their tenant screening costs by 90%, and pre-screen tenants at zero cost. In today’s competitive world where not only speed, but also every pound saved matter, Canopy helps deliver substantial savings to letting agents and reduce void periods for landlords.

Canopy RentPassportTM verifies tenants’ Experian credit profile including adverse financial history in circa. 60 seconds, saving time and enabling faster lets. Using Open Banking technology solution, tenants are also able to instantly verify their income, rental affordability, and historical rental payments from the safety of their mobile devices. Canopy uses, Plaid, to securely access a Tenant’s banking data and the solution covers all UK and North American banks, as well as selected banks in Europe.

John Evans, Commercial Director at teclet, commented: “We are delighted to be able to announce our partnership with Canopy whose suite of products deliver real and tangible value to letting agents. Canopy are FCA regulated and their products provide an ability to obtain highly cost-effective deposit insurance, rent tracking, Experian credit rating management and access to desirable and low-cost financial products that are uniquely suited to the renters of today.”

“Letting agents need to build long-term relationships with tenants as well as landlords and will benefit from being able to offer Canopy’s rent tracking solution which allows tenants to improve their Experian credit score by simply tracking rent from the security of their mobile devices. Rent tracking will also help letting agents and landlords reduce the risk of rental arrears.”

“Credit scores matter – a good one can provide tenants with substantial savings on things like loans, credit cards, insurance and ultimately better rates on mortgages, when a tenant might be ready to step on the property ladder.””

Peter Rollings, Canopy Advisory Board member, commented: “What I love about Canopy and why I got involved is that it not only provides some great and easy to use technology to help the agent do their job quicker and more efficiently, it also provides lots of clever and helpful stuff for the tenant. As we know, a great deal is where everyone wins and, coupled with the other benefits of the teclet platform, this delivers that outcome.” 

Tahir Farooqui, Founder, and CEO, Canopy, commented: “We are thrilled about our partnership with teclet who are focused on helping letting agents automate and deliver a more compliant and better service across the lettings sector. Having reduced tenant screening costs by 90% in 2019, we are now committing ourselves to helping the letting agents grow top-line revenue, over time. Through our partnership with teclet, letting agents will benefit from having access to the most dynamic, and affordable financial products for their tenants that are FCA compliant”

“Landlords can also benefit from Canopy’s deposit insurance product which offers them an extra three weeks of deposit protection i.e. eight weeks cover as opposed to the standard five weeks usually required for a cash deposit. The policy covers the cost of damage and rent arrears normally covered by a cash deposit. Canopy deposit insurance product is also the only product in the U.K market which in addition to protecting Landlords, also protects Tenants for critical life events such as critical illness or job loss.”

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