Big lenders invest in proptech firm

Investment aims to support the company's goal of streamlining the home buying process

Big lenders invest in proptech firm

Top mortgage lenders Lloyds Banking Group, Nationwide, NatWest, along with property listing platform Rightmove, have made a strategic investment in London-based property technology firm Coadjute.

Lloyds Banking Group, acting as the principal investor, contributed £3 million to a £10 million funding initiative that increased Coadjute’s total funding to £23 million since its inception in 2018.

Research by Rightmove indicates that the period from accepting an offer to completing a transaction averages five and a half months – a delay attributed to disconnected stakeholders, manual operations, and restricted data access. Coadjute’s mission is to streamline the process by connecting estate agents, conveyancers, mortgage lenders, and the buying and selling parties on a single network.

The investment will also support Coadjute’s national deployment and extend its network to encompass mortgage brokers and lenders, following the proptech company’s collaboration with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian.

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“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,” said Dan Salmons (pictured), chief executive of Coadjute.

“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 of Lloyds Banking Group highlighted the investment’s goal to simplify the home buying process, while Nationwide’s Henry Jordan emphasised the need for a streamlined homebuying journey.

“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,” Dijkstra said.

“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.”  

“Buying a home is one of the most complex and stressful things that people will do in their lifetime,” Jordan said. “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 from NatWest and Johan Svanstrom from Rightmove both underlined the anticipated improvements in efficiency and consumer experience in the property transaction process, facilitated by Coadjute’s technology.

“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,” Sard said. “We’re continuing to look at innovative ways that we can make it faster and more straightforward for people to own a home.”

“We see huge potential to digitise and improve the experience of moving home for consumers,” Svanstrom said. “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.”  

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