July 16, 2024

Lloyds Bank gives a proptech firm £3 million.

April 02, 2024
2Min Reads
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A $3 million investment from Lloyds Banking Group has been made in Coadjute, a cutting-edge fintech platform that links all stakeholders in the housing process.

Additionally, Nationwide, Rightmove, and NatWest have all provided funds to Coadjute.

In its capacity as the primary investor, Lloyds Banking Group has collaborated with these significant strategic partners to assist Coadjute in realizing its goal of assisting the housing sector in streamlining some of its most difficult pinch points and expediting the home-buying process.

The Coadjute platform connects current property software systems along the whole home-buying process. It makes it possible for connected 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.

Utilizing distributed ledger technology, the Coadjute network connects all participants securely by operating behind the front-end technologies that organizations already employ.

 

The Fintech Investment division at Lloyds Banking Group, which finds opportunities to invest in companies from Seed to Series B that can both deliver technological solutions for consumers and clients and drive strategic growth for the bank, has made its latest strategic investment.

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 reasonably priced, secure, and environmentally friendly housing.

According to recent research by Lloyds Banking Group, 31% of people wishing to become first-time homeowners acknowledged that they do not fully grasp the process of purchasing a property, and 51% just had a passing knowledge of it.

 

Coadjute's solution may eventually make purchasing a property simpler and less expensive, assisting both first-time homebuyers and those looking to relocate.

"We believe Coadjute's innovative technology has the potential to revolutionize the property buying process for all," stated Robin Scher, Head of Fintech Investment at Lloyds Banking Group. "It can dramatically improve the speed and simplicity of purchasing a home." We have worked with important industry partners as the main investors to assist Coadjute in executing their funding.

As the biggest mortgage provider in the UK, we look forward to collaborating closely with them to further our strategic expansion in the fintech industry and to directly benefit our clients and consumers.

 

"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," stated Dan Salmons, CEO of Coadjute. We consider this as a significant advancement in our efforts to create a fully digital real estate market, and we are thrilled to be collaborating with prominent firms Lloyds Banking Group, Nationwide, NatWest, and Rightmove."

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