Lloyds Banking Group has invested £3m in Coadjute, an innovative fintech company designed to connect all parties involved in the development of a home.
Coadjute has also been supported by NatWest, Nationwide and Rightmove.
As lead investor, Lloyds Banking Group has aligned with these influential strategic partners to support Coadjute in its aim to help the housing industry simplify some of its most complex bottlenecks and speed up the home buying process.
The Coadjute platform works by connecting existing real estate software systems across the entire home buying journey. It allows related parties to exchange communications and documents quickly and securely, increasing transparency and speed at every step of the property buying process, from real estate agents to brokers, banks and property owners.
Leveraging distributed ledger technology, the Coadjute network is designed to sit behind the front-end systems businesses already use and securely connect all parties.
This is the latest strategic investment from Lloyds Banking Group’s Fintech investment team, identifying opportunities to invest in companies from Seed to Series B that can drive Lloyds Banking Group’s strategic growth and also deliver technology solutions to customers.
The investment in Coadjute is part of Lloyds Banking Group’s wider commitment to supporting the UK property market and leveraging its size and scale to provide access to affordable, safe and sustainable housing.
Recent research from Lloyds Banking Group has shown that 30% of those looking to buy a home for the first time admit they do not understand the property buying process, while 51% only somewhat understand it.
Over time, Coadjute’s solution could make buying a home easier and cheaper, making it easier for both first-time buyers to get on the property ladder and for those looking to move.
Robin Scher, Head of Fintech Investment at Lloyds Banking Group, said: “We believe Coadjute’s innovative technology has the potential to revolutionize the property buying process for everyone and significantly improve the speed and ease of home buying. As lead investors, we coordinated with key industry partners to help Coadjute execute its fundraising campaign.
“We look forward to working closely with them and continuing our strategic growth in the fintech sector, but also as the UK’s largest mortgage provider, delivering direct value 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 most important way to 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 major step forward in our work to build a truly digital property market.”