In a bid to modernise property transactions, Lloyds Bank, Nationwide Building Society, and NatWest Group, along with property portal Rightmove, invested a combined £10m into Coadjute, a blockchain firm specialising in property transactions.
Coadjute harnesses the power of the R3 Corda enterprise blockchain platform to establish a real-time network dedicated to property transactions. This infrastructure serves as a connection hub for various stakeholders involved in property transactions, including buyers, sellers, and property professionals.
“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,” said Dan Salmons, CEO of Coadjute.
The platform boasts a comprehensive suite of functionalities, like the consolidation of property data, real-time progress tracking, secure exchange of digital identities and documents, facilitated messaging, and electronic form signing.
Through end-to-end encryption, the platform also safeguards data integrity throughout its lifecycle, enhancing security and privacy for all participants involved in property transactions.
The investment by prominent UK banks underscores the growing recognition of blockchain technology’s potential to revolutionise traditional industries,
“Buying a home is one of the most complex and stressful things that people will do in their lifetime,” said Henry Jordan, Nationwide’s director of home.
“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.”
With this recent funding round, Coadjute’s total investment since its inception in 2018 reaches £23 million. Notably, this marks the first involvement of mortgage lenders in the company’s funding efforts.
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The fresh injection of capital will fuel Coadjute’s ambitious national expansion strategy and facilitate the integration of mortgage brokers and lenders into its network. The company’s previous collaboration with the Bank of England on Project Meridian, which aimed to streamline conveyancing payments through digital settlement, laid the groundwork for its current endeavours
“We see huge potential to digitise and improve the experience of moving home for consumers. We believe Coadjute’s secure and data-driven technology solution can meaningfully remove some of the friction and frustration that lengthy property transactions bring,” said Johan Svanstrom, CEO at Rightmove.
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