Property rental marketplace Canopy secures new partnership with Folio

Canopy, the property rental marketplace, has announced a new partnership with Folio, a private rental landlord which helps Londoners find rental properties.

As part of the partnership, Folio will now be offering its new tenants access to Canopy’s rental marketplace services, including RentPassport which helps renters build their credit score if they pay their rent through the Canopy app, and DepositFree, an alternative to the rent deposit.

This follows several other agreements Canopy has with estate agents and build-to-let agencies across the UK.

Renters signing new contracts with Folio will have the opportunity to build their credit score by paying rent through the Canopy app.

Along with cutting out referencing fees and expediting the whole renting process, users will also have the option of taking out deposit free insurance as a more affordable alternative to the traditional cash security deposits.

Folio is backed by Notting Hill Genesis, a not-for-profit organisation which both helps Londoners find rental properties, alongside investing profits into supporting initiatives, such as our women’s refugees and homelessness projects.

Lizzie Stevens,director of Folio London, said: “At Folio, we are constantly looking to improve our service by offering our tenants access to the latest digital innovations in the rental market.

“Our partnership with Canopy is an excellent example of this as we can now offer our tenants at Porters Edge deposit free renting. This partnership will make our tenant’s lives easy by providing a simple process with more flexibility and choice when renting through Folio.”

Tahir Farooqui, CEO and founder of Canopy, added: “This new partnership with Folio will not only benefit a new population of renters in the capital but also highlights the growing momentum of services which champion the needs of renters.

“They will now be able to build their credit history and access affordable alternatives to expensive security deposits. This will also increase access to better financial products such as mortgages and may help them become homeowners in the future.”

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