Private equity firm Searchlight Capital’s operating partner Elizabeth Chambers also joins the board, along with Michael Day, who is Integra Property Services managing director and director of Teclet.
The trio join existing advisory board members director of Digital Cat Consultancy Maria Harris and Bold Legal Group’s managing director Rob Hailstone.
Felstead is widely know across the mortgage broking industry having worked at RBS Group for over 16 years before moving to lead NatWest’s Intermediary Solutions in 2009. He has also held senior roles with Citibank, Bank of Scotland and Norwich Union.
Chambers is the operating partner at global private equity firm Searchlight Capital and also is a board director and audit and remuneration committee member for TSB Bank. She also sits on the boards of specialist lender Provident Financial Group and wealth management firm Tilney Smith & Williamson.
Day has worked at Integra Property Services since 2003 and has been a director at letting agent platform Teclet since 2018. He has also worked at Connells, Conveyancing Direct Property Lawyers and Prudential Property Services.
The company, which was formed in 2018, is a digital network that uses blockchain technology to speed up property transactions as it allows estate agents conveyancers, mortgages brokers and lenders to work together in real-time without leaving their existing platform.
It allows them to synchronise their data, share documents and connect to HM Land Registry in real-time, allowing parties to track the progress of a transaction more accurately.
Coadjute’s chief executive officer Dan Salmons (pictured) said he was delighted to welcome the trio to its board and the board now had “unprecedented experience and knowledge across banking, broking, property and technology, bringing us invaluable expertise and relationships across the property market”.
He added: “The new appointments will help us in our mission to bring the industry together and enhance the way the property market works.”
He continued that currently at least a quarter of property transactions in the UK fell through and there were billions lost in efficiencies. He said that Coadjute’s blockchain technology could be used for foreign trading and large property transactions to make the process easier.
He noted that Coadjute would be rolling out across the UK over the next 24 months and it had built the industrial scale platform over the past 18 months and went live last month.
He said that over the next few months it would be in the beta phase of its platform, and it would be working on live transactions at lower volumes.
Salmons said that it was partnered with estate agents and conveyancers at the moment, and would move on to partner with banks and mortgage brokers in the next 12 months or so.