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Coadjute secures £10m investment from LBG, Nationwide, Natwest and Rightmove

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  • 02/04/2024
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Coadjute secures £10m investment from LBG, Nationwide, Natwest and Rightmove
Proptech firm Coadjute has received a total cash injection of £10m from Lloyds Banking Group, Natwest, Nationwide and Rightmove to support its role in transforming the property transaction process.

This includes a £3m investment from Coadjute’s lead investment partner Lloyds Banking Group. It brings the total injected into the firm up to £23m since its launch in 2018. 

In 2021, Coadjute created a stablecoin cryptocurrency for property exchange to allow for quicker transactions. 

The stablecoin, which is linked to the Pound sterling, works by moving funds needed for exchange and completion to a ledger, with the cash being held until the day of completion when it is then converted back into traditional currency and deployed to the necessary accounts. 

Coadjute said it was aiming to “transform” the process, which currently takes more than five months from an offer to completion according to analysis from Rightmove. 

Last year, the firm announced a collaboration with the Bank of England to change the way property transactions are settled. 

The Coadjute platform can be accessed by all parties in a property sale including estate agents, conveyancers, mortgage lenders, buyers and sellers, to verify each party and enable the sharing of data. 

The recent funding will allow Coadjute to roll its service out nationally and broaden the scope to include mortgage brokers. 

 

A game changer for the homebuying process 

Dan Salmons (pictured), CEO 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.” 

Esther Dijkstra, managing director of intermediaries at Lloyds Banking Group, added: “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.  To play our part in making things as easy as possible for home buyers, we’ve invested £3m in Coadjute, who are transforming the housebuying process by developing technology which brings everyone involved together securely, so homes can change hand millions smoothly and quickly and people can start enjoying their new home as soon as possible.”   

Henry Jordan, Nationwide’s director of home, said buying a home was “one of the most complex and stressful things that people will do in their lifetime”.  

He added: 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, managing director, One Bank Mortgages at NatWest said: “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. We’re continuing to look at innovative ways that we can make it faster and more straightforward for people to own a home.” 

Johan Svanstrom, CEO 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 homemoving process.” 

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