As per Rightmove data, it takes an average of five and a half months for a seller to complete a transaction after accepting an offer. This is due largely to disconnected parties, manual processes, and closed data. London-based property technology firm is on a mission to speed up the process.
Funding to revolutionise UK housing market
In a recent development, Coadjute, has snapped £10 million in a strategic investment. Lloyds Banking Group, the lead investment partner, has invested £3 million as part of a £10 million funding round. Others that participated in the round include Nationwide, NatWest (invested in Zenobē and AccessPay), and Rightmove. Previously, the company raised £4 million in 2023 for its blockchain network.
This latest round brings the cumulative investment in Coadjute to £23 million. Also, this is the first time that the UK’s three largest mortgage providers have come together to fund a proptech firm.
The investment will support Coadjute’s long-term ambition to revolutionise the UK housing market and offer home buyers a one-stop shop for buying a home. The funding will power Coadjute’s national roll-out and expand the scope of the network to include mortgage brokers and lenders.
Single platform for all parties
Coadjute was founded by John Reynolds, Mark Adams, and Sanj Bulsara in 2018 and led by CEO Dan Salmons, the former head of innovation at Natwest, and led Barclays’ contactless payments national rollout. It is designed to improve the speed, ease and security of buying and selling homes
The UK startup 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. This means that important information, from deeds to digital identity, to financial transactions, can all be exchanged quickly and securely regardless of the system the party involved uses.
Partnerships
Recently, the company entered into a 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.
Dan Salmons, CEO of Coadjute, said: “We’re delighted that the Coadjute network is now being backed by the biggest players in the UK property market, enabling us to further expand our offering and roll out to more home movers and the professionals that serve them. 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”
Esther Dijkstra, Managing Director of Intermediaries, Lloyds Banking Group added: “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, added: “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.”
Miguel Sard, Managing Director of One Bank Mortgages at NatWest said: “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.”
Johan Svanstrom, CEO at Rightmove, said: “We see huge potential to digitise and improve the experience of moving home for consumers. 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. We look forward to working with Coadjute and partners on an exciting and digitally driven home moving process.”
