Canopy

Deposit-free renting and digital tenant referencing for the UK rental market

Specialty Solutions Growth Series B

Overview

Canopy is a rental market platform providing deposit replacement insurance and tenant referencing services to renters, landlords, and property agents in the United Kingdom. The company replaces traditional cash security deposits with an insurance product underwritten by Hiscox, enabling renters to move into properties without tying up large sums in deposits. Canopy also offers a digital rental profile tool that captures rent payment history to help renters build credit scores over time.

The platform operates as a SaaS and API-integrated solution connecting directly with property management systems and estate agent networks. Core products include DepositFree (a one-off premium insurance policy covering landlord risks equivalent to a cash deposit), RentPassport (a digital rental identity and credit-building tool), and Rent Protection (landlord income protection insurance). In February 2025, Canopy acquired The Lettings Hub, a SaaS tenant referencing and insurance platform, expanding its product footprint in the letting agency market.

Canopy works with UK property networks including Hamptons International, Atlas Residential, Johns & Co, Get Living London, and Rettie. The company has raised approximately GBP 16M across multiple funding rounds, with investors including Direct Line Group, Experian, West Hill Capital, Vision Blue Solutions, and Growth Lending. The company holds SOC 2 Type 2 certification and operates on AWS infrastructure.

Products & Services

DepositFree

A deposit replacement insurance policy underwritten by Hiscox that allows renters to pay a one-off premium instead of a traditional cash security deposit. Landlords receive equivalent protection to a standard deposit, covering unpaid rent and property damage up to the deposit amount for up to three years.

Key Features

One-off premium averaging around 10% of eight weeks rent value
Coverage duration up to three years per policy with renewal options
Underwritten by Hiscox for landlord and lender confidence
Instant quote integration via RentPassport in under 60 seconds

Target Users: UK renters, landlords, property agents

RentPassport

A digital rental profile and screening platform that captures tenant referencing data and rent payment history. Allows agents to perform tenant checks rapidly and enables renters to build a verified rental track record that supports credit profile development.

Key Features

Instant tenant screening completed in under 60 seconds
Integrated DepositFree insurance quote within the same workflow
Actual rent payment history reported to credit reference agencies
Portable rental profile for renters across multiple tenancies

Target Users: UK renters, estate agents, letting agencies

Rent Protection

Landlord income protection insurance that covers rental income if a tenant defaults, providing landlords with financial security during the tenancy without requiring a large cash deposit from the tenant.

Key Features

Income protection covering unpaid rent during tenant disputes
Complements DepositFree for a full landlord risk cover package
Available through property agent network partners

Target Users: UK private landlords, buy-to-let investors

At a Glance

Founded: 2016
Headquarters: Sevenoaks, England, United Kingdom
Employees: 11-50
Funding: Series B

Category & Focus

Category: Specialty Solutions
Subcategories: Deposit Replacement Insurance Tenant Referencing Rental Credit Building
Insurance Verticals: P&C Personal Specialty/E&S
Target Customers: Consumers, Agents/Agencies, Brokers