Coadjute raises £6m to roll out blockchain mortgage service

Coadjute raises £6m to roll out blockchain mortgage service

 

The investment funding round was led by venture capital firm Praetura Ventures and the firm’s operational partner Colin Greene will join Coadjute’s board as a non-executive director. 

Green previously worked as chief executive of Apple Korea. 

The fund was also supported by a trio of American firms including blockchain venture fund company Collab + Currency, legal technology investors The Legal Tech Fund and fintech investors Rocket One Capital.  

The round brings the total raised by Coadjute to £10m including a £1m pre-seed round in 2019 and a £3m seed round last year. 

Coadjute plans to use the raised funds secured to roll its blockchain network out across the UK over the next two years. This will include investment into its sales and marketing as well as the launch of additional services. 

In September, Coadjute announced it had launched its own cryptocurrency and blockchain network to help speed up property transactions. The process works by momentarily converting traditional money into the digital currency and moving it to the accounts of approved parties in a transaction before completion with the use of its blockchain platform. 

The cryptocurrency can only be used for the transaction it has been programmed to, meaning there is less chance of fraudulent activity or errors. 

Once the transaction is complete, the money is converted back into traditional currency and released into the accounts, thus reducing the wait time usually associated with transfers. 

Earlier this year, the service was used to complete the transaction of a four-bed bungalow in Kent. This was completed in nine weeks.  

Greene said: “The UK property market has been overdue an innovation like Coadjute for many years. The founders have developed something that could completely revolutionise how we buy houses in the UK and beyond.  

“I am looking forward to supporting the outstanding team at Coadjute as they roll out and grow the network, and to helping them achieve their vision of a truly seamless property market.” 

Dan Salmons, CEO of Coadjute, added: “Whilst there have been many attempts to improve the property process, at heart the challenge is that the many systems involved are not interoperable. 

“Adding yet more platforms, more hubs, more databases just doesn’t solve that. Coadjute has shown we can now connect multiple existing systems to each other, securely, in real-time, and since our first transaction in July the demand has been phenomenal.” 

He said: “With the strong backing we have from Praetura Ventures and our other international investors we will now start to roll out our network across the UK market. The revolution in how property transactions are done has started.”