Rightmove and three big banks reveal £10m backing for Coadjute

Lloyds Banking Group, Nationwide, NatWest and Rightmove have made a £10 million investment into Coadjute to help the blockchain network revolutionise the homebuying process.

Lloyds Banking Group, as lead investment partner, invested £3 million as part of a £10 million funding round to support Coadjute’s long-term plans to create a one-stop shop for buying a home.

NATIONAL ROLL-OUT

This latest funding round will be used to explore a national roll-out and expand the scope of the network to include mortgage brokers and lenders.

Coadjute 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 regardless of the system the party involved uses.

We hope to transform the experience of moving home in the UK.”

Dan Salmons (main picture), Chief Executive of Coadjute, says: “Together with the estate agents, conveyancers and brokers joining the network, we hope to transform the experience of moving home in the UK, making it quicker, easier and safer for everyone in the future.”

And Johan Svanstrom, Chief Executive at Rightmove, says: “We believe Coadjute’s secure and data-driven technology solution can meaningfully remove some of the friction and frustration that lengthy property transactions bring. For Rightmove this is also an investment into the potential of a more efficient industry, and to support our agent customers’ further business success.”

Esther Dijkstra, Managing Director of Intermediaries, Lloyds Banking Group, adds: “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.”

HOMEBUYING NEEDS STREAMLINING

Henry Jordan, Nationwide’s Director of Home, says: “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.”

We’re pleased to be supporting Coadjute and delivering clear, practical benefits for homebuyers.”

And Miguel Sard, Managing Director, One Bank Mortgages at NatWest, says: “As a key supporter of the UK housing market, we’re pleased to be supporting Coadjute and delivering clear, practical benefits for homebuyers by making buying and selling homes easier for all parties. We’re continuing to look at innovative ways that we can make it faster and more straightforward for people to own a home.”

This is the first time that the UK’s three largest mortgage lenders have come together to fund a proptech and this latest round brings the cumulative investment in Coadjute to £23 million since it was founded in 2018.

The partnership follows Coadjute’s recent successful collaboration with the Bank of England, HM Land Registry and the Bank of International Settlements on Project Meridian to streamline and digitise the property settlement process.