Property blockchain network Coadjute has secured a £10m investment from Lloyds Banking Group, Nationwide, Natwest, and Rightmove.
This is the first time that three of the UK’s largest mortgage providers have come together to fund a proptech.
Lloyds, as lead investment partner, has invested £3m in the funding round.
This latest round brings the cumulative investment in Coadjute to £23m since being founded in 2018 to help transform the buying and selling process by bringing 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.
The funding will be used to power Coadjute’s national rollout and expand the scope of the network to include mortgage brokers and lenders. The partnership follows Coadjute’s recent collaborations 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, chief executive 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”
Johan Svanstrom, chief executive at Rightmove, added: “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.”