Lloyds Banking Group, Nationwide, NatWest, and Rightmove have jointly invested in Coadjute, a London-based property technology firm. This collaboration marks the first time the UK’s three largest mortgage providers have supported a PropTech venture.In this strategic move, Lloyds Banking Group leads the investment with £3 million contributed as part of a £10 million funding round aimed at bolstering Coadjute’s mission to revolutionize the UK housing market. This latest funding round brings Coadjute’s total investment to £23 million since its inception in 2018.According to analysis by Rightmove, the property transaction process currently takes an average of five and a half months due to fragmented parties, manual processes, and isolated data systems.Coadjute aims to address these inefficiencies by creating a unified network that brings together estate agents, conveyancers, mortgage lenders, buyers, and sellers. This network ensures that all parties are authenticated, and data can be securely shared in a standardized manner, facilitating quick and secure exchange of crucial information such as deeds, digital identities, and financial transactions.The newly secured funding will fuel Coadjute’s national expansion and broaden the network’s scope to include mortgage brokers and lenders. This partnership follows Coadjute’s successful collaboration with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian, which aims to digitize and streamline the property settlement process.Dan Salmons, CEO of Coadjute, expressed his delight at the backing from major players in the UK property market, emphasizing the potential to enhance the home-moving experience for all parties involved.Esther Dijkstra, Managing Director of Intermediaries at Lloyds Banking Group, highlighted the investment’s aim to simplify the home-buying process, making it smoother and faster for homebuyers.Henry Jordan, Nationwide’s Director of Home, emphasized the need to streamline the home-buying journey for consumers and industry participants, underscoring Coadjute’s potential to be a game-changer in the property industry.Miguel Sard, Managing Director of One Bank Mortgages at NatWest, emphasized the importance of supporting innovations that make buying and selling homes easier for all parties involved.Johan Svanstrom, CEO of Rightmove, highlighted the potential of Coadjute’s technology to improve the home-moving experience for consumers and enhance industry efficiency.
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By Proptechbuzz
By Ravi Kumar
