OnTheMarket subsidiary joins Coadjute Blockchain platform

Coadjute, the blockchain network for the UK property market that claims it can radically simplify home purchasing, has revealed that PropTech firm teclet is joining its network.

teclet is owned by the OnTheMarket portal and consists of a modular suite of platforms covering CRM, sales, lettings, property management and client accounting.

Coadjute is a blockchain network that enables the existing software used by agents, conveyancers, mortgage brokers and lenders to become interoperable, enabling the parties involved in a transaction to synchronise and share progress updates, property information, digital identities and even payments.

The network aims to create a seamless journey with improved security for all parties, transforming the experience for buyers and sellers, reducing administration costs and cutting the time it takes to move house.

The news follows Coadjute’s recent announcement of a £6m investment funding round led by Manchester-based Praetura Ventures.

Steve Dawkins, chief relationship officer at Coadjute, says: “By connecting the teclet suite of platforms to other parties in the property market, Coadjute will deliver to estate agents an accelerated process with significantly less admin.

“Our encrypted network will enable them to securely share information with ease and provide even greater transparency and efficiency for their customers. We are extremely proud to welcome teclet to the rapidly expanding Coadjute community.”

Alan Blockley, teclet chief executive, adds: “Working with ‘best in class’ partner suppliers is a key part of our strategy as we look to help more sales, letting agents and property managers increase revenue, save time, improve service and remain compliant.

“By joining the Coadjute network, teclet will be able to further innovate and enhance the services it offers.”