Today, the real estate DLT startup Coadjute announced a funding round of £10 million ($12.6 million), led by Lloyds Bank with a contribution of £3 million. Other major investors include Natwest, Nationwide and the UK’s largest property website, RightMove (market capitalization: £4.35 billion). These banks are three of the top five UK retail banks, and Coadjute stated they are the three largest UK mortgage lenders. This investment boosts Coadjute’s total raised funds to £23 million ($29 million).
Coadjute’s platform, based on DLT, enables seamless communication and data sharing among all parties involved in a house sale. Property sales often face delays. RightMove estimates that it takes 5.5 months on average from offer acceptance to sale completion. The process involves multiple parties, including buyers, sellers, their agents, lawyers, mortgage brokers and banks. Any one of these can delay the process.
By facilitating transparent document sharing and communication, Coadjute’s solution quickly identifies and addresses any bottlenecks in the process.
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