Case Study: Canopy achieves 60-second renter verification and 25% cost reduction with Plaid

Canopy empowers renters with financial tools, a more transparent process, and a path to purchasing a home

Canopy, a London-based digital rental marketplace that offers RentPassport to help renters verify income, build rental credit, and manage rental finances, faced a major onboarding problem when its previous financial-data vendor suffered connectivity issues. Those connection failures caused users to drop out of the onboarding flow, slowing verification and hurting growth—so Canopy partnered with Plaid to use Plaid’s Open Banking data and reliable account connections.

Plaid enabled instant account linking, identity verification, and transaction categorisation, cutting verification time from five days to about 60 seconds and increasing account-linking success from 20% to 65% (a 45 percentage-point gain). The switch to Plaid also reduced costs by 25%, helped lift overall product conversion to 27%, and provided access to Plaid’s network of 11,000+ institutions to support Canopy’s international expansion.

Canopy

George Canopy

Chief Technology Officer