John Lewis teams up with rental app to financially support its partners

Retail group, John Lewis Partnership, has shaken hands with emerging property firm, Canopy to help support the financial wellbeing of its 85,500 partners.

The Canopy app allows users to build their credit history through regular rent payments, aiming to improve their access to more affordable financial products including mortgages.

All John Lewis Partnership Partners currently renting a property, or renting in the future, will be entitled to benefit from the Canopy Rent Tracking product, which will allow Canopy to automatically reconcile their rent payments and improve their credit history using Open Banking technology.

Renters can start adding rental payments to their credit history and improve credit score overtime. Canopy is working with Experian to encourage more lenders to take rental payments into account.

Tahir Farooqui, CEO and founder of Canopy, said: “Renting and letting is often a stressful and expensive business for all parties involved.

“We have created a world which benefits renters, landlords and agents all together; where you can find a property or a suitable renter easily, and make the move hassle-free, with greater financial stability.

“With house prices on the up, the property industry needs to make renting fairer and more affordable. We want to support all parties in having a voice and a choice regarding how they rent, so that it works for them financially. John Lewis Partnership shares this vision.”

Canopy also offers an insurance-based deposit free alternative to the traditional cash deposit, underwritten by HISCOX, making moving much more affordable and freeing up precious funds which can be saved, invested, or spent on living necessities, such as furniture, whilst the landlord remains fully covered.

The average tenancy deposit in the UK is now £1,161 - an increase of 18.6 per cent over five years. On top of this, tenants often have to pay a new deposit when moving before they get their old one back.

Canopy’s Deposit Free is also available with other property partners Get Living London, Tipi, CBRE and a number of house share providers for those renting one room.

Landlords and agents on Canopy, meanwhile, will be encouraged by a reputable employer such as the John Lewis Partnership putting forward its Partners for properties.

Renters create a ‘Rent Passport’ on the Canopy app where they build a Trust Score, and instantly verify everything from their income, creditworthiness, employment to their regular rent payments and past references, meaning landlords can feel secure in choosing a suitable candidate for their property.

Stacey MacDougall, Leisure Benefits Development Manager, at the John Lewis Partnership, added: “Our aim is to provide a relevant and valued range of benefits for our Partners.

“For a number of years, we have seen shelter, accommodation or housing as one of the most important gaps in our offer.

“The importance of good shelter has a critical impact on individuals, their wellbeing, their effectiveness and happiness at work. Having listened to feedback from our Partners we made the decision to work with Canopy to help us bridge the gap in the shelter space.”