Commercial partnership with rental platform Canopy

RNS Number : 4953Z

OnTheMarket plc

24 May 2021

 

None of the information contained in this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, nor does it contain any information that is required to be announced via a Regulatory Information Service under the AIM Rules for Companies

24 May 2021

ONTHEMARKET PLC

("OnTheMarket", the "Group" or the "Company")

OnTheMarket plc announces commercial partnership with rental platform Canopy

OnTheMarket plc ("OnTheMarket"), the majority agent-owned company which operates the OnTheMarket.com property portal, announces today that it has signed a 12 month exclusive commercial partnership with Insurestreet Limited, trading as Canopy, the award-winning tenant referencing platform.

The partnership will enable OnTheMarket to provide its agent customers with free comprehensive tenant referencing, including employment and landlord references, for all tenancy applications. Canopy's RentPassport includes Experian credit history, adverse financial history and provides verification of identity and address along with Know Your Customer, Anti Money Laundering and other information. The Canopy and OnTheMarket rental platform will be live in July 2021. 

This partnership follows OnTheMarket's recently announced commercial partnership with Sprift Technologies Limited to provide agent customers with free Market Appraisal Guides.

Jason Tebb, Chief Executive Officer of OnTheMarket, said:

"Our partnership with Canopy is a direct result of feedback from our agents and is a further progression of our OnTheMarket platform. With the private rental sector currently estimated to comprise almost 6 million households in the UK and growing, this offers us the opportunity to create more leads and value for our advertisers.

It's another step forward for OnTheMarket in providing products and services that support our agent customers and we look forward to sharing other exciting developments in due course." 

Tahir Farooqui, Founder and Chief Executive Officer of Canopy, commented:

"Our partnership will enable OnTheMarket to provide a differentiated tenant referencing solution at no cost to their agency clients, as well as generating qualified applicant leads. We believe our digital and mobile-first platform is the most sophisticated solution for everyone involved in the rental transaction and we're delighted to be working with OnTheMarket to bring this to a wider audience of agents and consumers."

ENDS

For further information, please contact:

OnTheMarket  0207 353 4200

Jason Tebb, Chief Executive Officer

Clive Beattie, Chief Financial Officer

Tulchan Communications      0207 353 4200

Giles Kernick

William Booth

Oliver Norgate

Zeus Capital (Nominated Adviser/Joint Broker)  0203 823 5000

Jamie Peel, Martin Green, Daniel Harris

(Corporate Finance)

John Goold, Benjamin Robertson (Broking) 

Shore Capital (Joint Broker)  0207 408 4090

Daniel Bush, John More (Corporate Finance)

Fiona Conroy (Corporate Broking)

Background on OnTheMarket   :

OnTheMarket plc, the majority agent-owned company which operates the OnTheMarket.com property portal, is a leading UK residential property portal provider.

Its objective is to create value for shareholders and property advertiser customers by delivering an agent-backed, technology enabled portal, offering a first-class service to agents and new homes developers at sustainably fair prices and becoming the go-to portal for serious property-seekers.

OnTheMarket provides a unique opportunity for agents to participate in the equity value of their own portal. Agent backing and support enable OnTheMarket to display "New & Exclusive" properties to serious property-seekers 24 hours or more before agents release these properties to other portals.

Background on Canopy

Launched in 2018, Canopy's ambition is to build a digital rental market-place, focused primarily on the financial well-being of renters. Canopy addresses this market gap through three core products; RentPassport, a multi-channel tenant referencing solution powered by Open Banking and Experian credit data; deposit insurance solution which covers the cost of damage and rent arrears, normally covered by an up-front cash deposit; and Rent Tracking which records rental payments within tenants' Experian credit scores which allows tenants to build up a credit history and ultimately improve their credit rating during the course of their tenancy.

 

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