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Rightmove has joined forces with Lloyds Banking Group, Nationwide and NatWest to make a £10m strategic investment in Coadjute, a London-based property technology business.
Coadjute brings together real estate agents, real estate brokers, mortgage lenders, buyers and sellers on a single network. There, all information from certificates to digital IDs to financial transactions can be exchanged quickly and securely, regardless of the systems used by the parties involved.
Lloyds Banking Group, as lead investment partner, has invested £3m as part of the latest funding round, taking its cumulative investment in Cojute to £23m since its inception in 2018.
While disclosing that Lloyds was contributing £3m, Mr Corjuit refused EYE’s request for details of contributions made by other parties, including Rightmove, to a total of £10m.
So we asked Rightmove how much money they had put into it, and they wouldn’t provide any details either.
Corjute’s latest accounts at Companies House (for the year ended 31 March 2023) show net assets fell by £1,474,719 from £4,331,256 the previous year.
Coadjute said the new funding will be used to drive national expansion and expand the reach of the network, including mortgage brokers and lenders.
Dan Salmons, CEO of Coadjute, said: “We are delighted that the Coadjute network is backed by one of the biggest names in the UK property market. This will enable us to further expand our offer and roll it out to more removalists and professionals. ” Serve them. Together with the estate agents, conveyancers and brokers in our network, we want to transform the UK moving experience and make moving faster, easier and safer for everyone in the future. I am. ”
Esther Dijkstra, Managing Director of Intermediaries at Lloyds Banking Group, said: “As the UK’s largest mortgage lender, we know that buying a home can be extremely rewarding, but it can also be stressful and complex, especially if you’re buying a home for the first time. There’s also gender.” To play our part in making things as easy as possible for homebuyers, we’ve invested his £3 million in Coadjute. Coadjute is transforming the homebuying process by developing technology that securely connects all parties involved, making it possible to change home ownership smoothly and quickly. That way people can start enjoying their new home as soon as possible. ”
Henry Jordan, Director of Housing at Nationwide, said: The home buying process needs to be streamlined into a single, integrated process for the benefit of both consumers and industry participants. We are investing in his Coadjute because we believe its technology has the potential to accomplish this and transform the real estate industry. ”
Miguel Sard, Managing Director of One Bank Mortgages at NatWest, said: “As a major supporter of the UK housing market, we are delighted to support Coadjute and deliver clear and practical benefits to homebuyers by making buying and selling a home easier for all parties involved. Masu” . We continue to explore innovative ways to help people achieve homeownership faster and easier. ”
Johan Svanstrom, CEO of Rightmove, said: We believe that Coadjute’s secure, data-driven technology solutions can meaningfully remove some of the friction and frustration brought on by long-term real estate transactions. For Rightmove, this is also an investment in the potential of a more efficient industry, supporting further business success for our agency customers. We look forward to working with Coadjute and our partners on an exciting and digitally driven moving process. ”