OnTheMarket reveals it’s put £350,000 into lettings PropTech firm

A commercial partnership between tenant referencing platform Canopy and property website OnTheMarket has involved an investment of some £350,000.

The figure has ben revealed for the first time in a trading statement by OTM.

Back in May it was announced that there was a partnership between the two suppliers, enabling the portal to provide agent customers with free tenant referencing, including employment and landlord references, for all tenancy applications regardless of where they were generated.

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. 

In the new trading statement OTM chief executive Jason Tebb says: “We are delighted to have achieved a year of further financial and operational progress.

“But there is much more to come. We’ve received great feedback from our customers regarding our new strategy and our enhanced suite of product and service offerings.

“We look forward to continuing to deliver greater value to both advertisers and consumers during the year ahead.

“With the new website and brand launch in December 2021, and an increasing range of commercial partnerships successfully established, the transformation of OnTheMarket to create a tech-enabled property business across the broader property ecosystem is accelerating.  Our new website, and initiatives such as Only With Us, continue to attract serious property seekers and connect them with our agents.”

In addition to revealing the Canopy investment, the OTM results - for the financial year ending January 31 - show a £7m increase in turnover to £30.8m and a £200,000 increase in profits to £2.6m.