Lloyds Banking Group, Nationwide, NatWest, and Rightmove have jointly invested in Coadjute, a London-based property-focused blockchain technology firm, in the first collaboration of its kind among the UK's largest mortgage providers.
Lloyds Banking Group leads the investment with £3 million, part of a £10 million funding round aimed at supporting Coadjute's mission to streamline the UK housing market. The round brings Coadjute's total funding to £23 million since its inception in 2018.
Rightmove's analysis shows it typically takes five and a half months from accepting an offer to completing a property transaction, largely due to disjointed processes and closed data systems. Coadjute aims to transform this by creating a unified network where estate agents, conveyancers, mortgage lenders, buyers, and sellers can securely share standardised data, facilitating quicker exchanges of deeds and financial information regardless of platform.
The funding will support Coadjute's nationwide expansion and extend its network to mortgage brokers and lenders. The investment follows Coadjute's collaboration with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian, aimed at digitising the property settlement process.