Lloyds Banking Group, Nationwide, NatWest, and Rightmove have announced their £10M investment in London-based property technology startup Coadjute. This round propels Coadjute’s total investment to £23M since its founding in 2018.
Rightmove analysis shows that it takes an average of five and a half months from a seller accepting an offer until the transaction completes. This is due largely to disconnected parties, manual processes and closed data. Coadjute wants to address issues of interoperability within the process of closing a sale and enable more people to buy a home. The company’s executive team visited the British Parliament earlier this year to campaign for more open data within property markets.
Its application brings estate agents, conveyancers, mortgage lenders, buyers and sellers together onto a single network where all parties are verified and data can be shared securely in a standardised way. important information, from deeds to digital identity to financial transactions, are exchanged quickly and securely regardless of the system the party involved uses. The software uses Corda technology to ensure end-to-end encryption for communications and transactions.
Within the property sector it is embedded finance, project management software and home improvement tech that are continuing to raise the most funds.
Esther Dijkstra, Managing Director of Intermediaries, Lloyds Banking Group said:
“As the UK’s largest mortgage lender we know buying a home is incredibly rewarding, but it can also be stressful and complicated, particularly if it’s the first time you’ve bought a home. To play our part in making things as easy as possible for home buyers, we’ve invested £3 million in Coadjute, who are transforming the house buying process by developing technology which brings everyone involved together securely, so homes can change hands smoothly and quickly and people can start enjoying their new home as soon as possible.”
Henry Jordan, Nationwide’s Director of Home, said:
“Buying a home is one of the most complex and stressful things that people will do in their lifetime. The homebuying process needs streamlining into a single, integrated journey for the benefit of consumers and industry participants alike. We’re investing in Coadjute because we believe its technology has the potential to achieve this and be a game changer for the property industry.”
Image: Tom Rumble, Unsplash
