Lloyds Banking Group, Nationwide, NatWest, and Rightmove have united in a strategic investment in Coadjute, a London-based property technology firm. This marks the first joint funding by the UK's top three mortgage lenders for a PropTech venture.
Revolutionizing real estate: Mortgage transformation, new business models and home ownership ecosystems
With Lloyds leading the investment with £3 million, the consortium has injected £10 million into Coadjute, totaling £23 million in investments since its 2018 inception. Rightmove's research indicates that the average home transaction takes five and a half months due to disjointed processes and data fragmentation.
Coadjute aims to address these inefficiencies by creating a unified data network for the property market. This network brings together estate agents, conveyancers, mortgage lenders, buyers, and sellers onto a single platform, facilitating secure and standardized information sharing.
The investment will fuel Coadjute's expansion, enabling a nationwide rollout and integration with mortgage brokers and lenders. This partnership follows Coadjute's successful collaboration with institutions like the Bank of England and HM Land Registry on Project Meridian.
Dan Salmons, CEO of Coadjute, sees this partnership as a means to enhance the home buying experience for consumers across the UK. Esther Dijkstra, Managing Director of Intermediaries at Lloyds Banking Group, emphasizes the institution's commitment to simplifying the home buying journey, particularly for first-time buyers.
Henry Jordan, Nationwide's Director of Home, echoes these sentiments, highlighting the complexity and stress associated with purchasing a home. Miguel Sard, Managing Director of One Bank Mortgages at NatWest, emphasizes the institution's support for initiatives aimed at improving the home buying process.
Johan Svanstrom, CEO of Rightmove, emphasizes the significant impact of digitization on the home moving experience. By investing in Coadjute's technology, Rightmove aims to alleviate friction and enhance efficiency in property transactions.
