London’s proptech startup Coadjute secures €3.5M to digitally connect the UK property market

London-based Coadjute, a company that helps with property technology, has announced that it secured fresh funding from Lloyds Banking Group, Nationwide, NatWest and Rightmove.

Lloyds Banking Group led the investment with £3M (approximately €3.5M) as part of a £10M funding round. This is the first time that the three large mortgage companies in the UK have joined together to invest in a tech company for property.

With this latest round, Coadjute has received a total investment of £23M (approximately €26.89M) since its inception in 2018.

Esther Dijkstra, MD of Intermediaries, Lloyds Banking Group, says, “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 house buying process by developing technology which brings everyone involved together securely, so homes can change hands smoothly and quickly and people can start enjoying their new home as soon as possible.”

This investment comes after Coadjute’s recent collaboration with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian to simplify and digitise the property settlement process.

Capital utilisation

The investment will support Coadjute in its mission to transform the UK housing market, making home buying more convenient for buyers. 

Additionally, the funding will enable Coadjute to expand its services nationwide and strengthen its network by including mortgage brokers and lenders.

Dan Salmons, CEO of Coadjute, says, “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.”

Henry Jordan, Nationwide’s Director of Home, adds, “Buying a home is one of the most complex and stressful things that people will do in their lifetime. 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.”

Digitally connecting the UK property market

According to Rightmove’s analysis, it typically takes around five and a half months from the moment a seller accepts an offer until the transaction is completed. This delay is mainly due to disconnected parties involved in the process, manual procedures, and limited access to data.

Coadjute changes this by connecting everyone in the property market.

Founded in 2017, the company creates a virtual room where professionals and clients can share information, track progress, and sign contracts securely. This makes the process faster, smoother, and more transparent for everyone involved.

Coadjute aims to bring together estate agents, conveyancers, mortgage lenders, buyers, and sellers onto a unified network. All participants are verified, and data can be securely shared in a standardised manner.

This ensures that crucial information, such as deeds, digital identities, and financial transactions, can be exchanged rapidly and securely, regardless of the system each party uses.

Johan Svanstrom, CEO at Rightmove, says, “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.”