Large mortgage lenders including Lloyds Banking Group, Nationwide, and NatWest, along with property listing platform Rightmove, have made a strategic investment in London-based property technology firm Coadjute.

Lloyds Banking Group, acting as the principal investor, contributed £3m to a £10m funding initiative that increased Coadjute’s total funding to £23m since its inception in 2018.

Research by Rightmove indicates that the period from accepting an offer to completing a transaction averages five and a half months – a delay attributed to disconnected stakeholders, manual operations, and restricted data access. Coadjute’s mission is to streamline the process by connecting estate agents, conveyancers, mortgage lenders, and the buying and selling parties on a single network.

The investment will also support Coadjute’s national deployment and extend its network to encompass mortgage brokers and lenders, following the proptech company’s collaboration with the Bank of England, HM Land Registry, and the Bank of International Settlements on Project Meridian.

“We’re delighted that the Coadjute network is now being backed by the biggest players in the UK property market, enabling us to further expand our offering and roll out to more home movers and the professionals that serve them,” said Dan Salmons, chief executive of Coadjute.