Lloyds Banking Group has announced a £3 million investment in property FinTech Coadjute.

Coadjute, which has also received funding from NatWest, Nationwide, and Rightmove, connects existing property software systems across the house buying process with the aim of allowing related parties – including brokers, banks and conveyancers – to share communications and documents quickly and securely.

The FinTech's network uses distributed ledger technology and is designed to sit behind the front-end systems that businesses already use to securely linking all parties together.

The move represents the latest strategic investment made by Lloyds Banking Group’s FinTech Investment team, which identifies opportunities to invest in businesses from Seed to Series B that can drive "strategic growth" for the bank and provide technology solutions for its customers.

The bank said that the investment in Coadjute could eventually mean it will be easier and cheaper to buy a home and forms part of its wider commitment to support the UK housing market by using its size and scale to help provide access to affordable, safe and sustainable homes.

"We believe Coadjute’s innovative technology has the potential to revolutionise the property buying process for all, and dramatically improve the speed and simplicity of purchasing a home," said Robin Scher, head of FinTech investment, Lloyds Banking Group. "As the lead investors, we have coordinated with key industry partners to support Coadjute in delivering their fundraise."

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