Start-up Coadjute, which aims to link all stakeholders in the housing process, has received a £3m ($3.7m) investment from Lloyds Banking Group. Rightmove, Nationwide, and NatWest have also contributed money to Coadjute.
In its capacity as the primary investor, Lloyds Banking Group has collaborated with these significant strategic partners to assist Coadjute in reaching its goal of assisting the housing sector in streamlining some of its most difficult obstacles, as well as expediting the home-buying process.
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The Coadjute platform connects current property software systems throughout the whole home-buying process. It makes it possible for related parties to exchange messages and files in a timely and safe manner, boosting openness and efficiency at every stage of the property purchase process, from banks to conveyancers to estate agents.
Moreover, the Coadjute network employs distributed databases and is intended to fit behind the front-end platforms that businesses now use, reliably linking all participants.
This is the most recent strategic investment made by Lloyds Banking Group’s fintech investment team, which seeks potential to invest in firms ranging from Seed to Series B that may drive profitable expansion for the bank while also providing digital solutions to customers and clients.
Furthermore, the purchase of Coadjute is a component of Lloyds Banking Group’s larger initiative to assist the UK housing market by utilising its size and scope to facilitate access to cost-effective, secure, and sustainable housing.
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By GlobalDataAccording to recent Lloyds Banking Group research, 30% of people intending to become homeowners for the first time do not comprehend the process of buying a home, with 51% knowing it very little.
Coadjute’s approach may make it easier and less expensive to acquire a property in the long run, benefiting both first-time buyers and those looking to relocate.
Robin Scher, head of fintech investment at Lloyds Banking Group, said: “We believe Coadjute’s innovative technology has the potential to revolutionise the property buying process for all, and dramatically improve the speed and simplicity of purchasing a home. As the lead investors, we have coordinated with key industry partners to support Coadjute in delivering their fundraise.
“We look forward to working with them closely, continuing our strategic growth in the fintech sector but also as the UK’s largest mortgage provider, providing direct benefit to our customers and clients.”
Dan Salmons, CEO of Coadjute added: “At Coadjute, we’re passionate about the power of collaboration and see it as the main way we can improve the property transaction process for buyers and sellers. We are delighted to be partnering with major players Lloyds Banking Group, Nationwide, NatWest and Rightmove and we see this as a huge step forward in the work we are doing to build a truly digital property market.”
