Lloyds, Natwest, Nationwide invest £10m in DLT start-up Coadjute

By Gloria Methri

Lloyds Bank, Nationwide, NatWest, and Rightmove have announced a strategic investment in Coadjute, the London-based property technology business.

Lloyds Banking Group invested £3 million as part of a £10 million funding round to support Coadjute, which helps to smooth the homebuying process in the UK. This latest round brings the cumulative investment in the company to £23 million since its founding in 2018.

The Coadjute platform works by connecting existing property software systems across the property-buying journey. It enables related parties to share communications and documents quickly and securely, increasing transparency and speed across each step of the property buying journey from estate agents to brokers, banks and conveyancers.

The Coadjute network uses distributed ledger technology and is designed to sit behind the front-end systems businesses already use, securely linking all parties together. Over time, Coadjute’s solution could make it easier and cheaper to buy a home, helping first-time buyers get onto the housing ladder and those wanting to move home.

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 its fundraising. We look forward to working with them closely, continuing our strategic growth in the FinTech sector, and, as the UK’s largest mortgage provider, providing direct benefit to our customers and clients.”

Dan Salmons, CEO of Coadjute, said, “At Coadjute, we are 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 such as 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.”