Three big banks – Lloyds Banking Group, Nationwide, and Natwest, along with Rightmove, have invested in the Proptech firm Coadjute.
Lloyds Banking Group led the funding round, investing £3 million of the £10 million total raise. This round brings the company’s total raised to £23 million since its founding in 2018.
Coadjute is a nationwide infrastructure provider for the property market, connecting buyers, sellers, and property professionals with data, services, and each other. Described as the “future of the property market,” the solution aims to make the entire process faster and more secure in a one-stop platform. Coadjute leverages R3’s blockchain services to power its platform.
Dan Salmons, CEO of Coadjute, said they were happy to be backed by the largest participants in the UK property market, adding they hope to transform the experience of buying a home, “making it quicker, easier, and safer for everyone in the future.”
“We see huge potential to digitise and improve the experience of moving home for consumers,” said Rightmove CEO Johan Svansrom.
Kate Karimson, Chief Commercial Officer at R3, commented on the funding round:
“It’s great to see Coadjute further its role in progressing the UK property market, using R3’s Corda to optimise end-to-end transaction management processes. At R3, we are making the movement of value more efficient in financial markets, and we look forward to seeing our partners continue to drive innovation across industries.”
The new money is expected to be used to power Coadjute’s national roll-out and expand the scope of the network to include mortgage brokers and lenders.
Coadjute recently collaborated with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian to streamline and digitize the property settlement process.
