Law firm Taylor Rose MW has acquired a stake in proptech firm SlothMove in an effort to help combat property fraud.
SlothMove provides a single platform where home movers can change their address details across hundreds of businesses including loyalty programmes, utility providers and for council tax.
It has helped 50,000 home movers so far and says it has 3,500 active monthly users.
The average home move involves over 21 points of contact to update their addresses – including with insurers, employers and healthcare providers – with some wait times as long as an hour.
SlothMove’s platform reduces this to just one single point of contact and says it saves each user an average 12 hours of time and can also combat property fraud.
It refers to data showing homeowners collectively lost more than £3.5m from fraudulent transactions last year and warns that people who forget to update their details may see vital personal information fall into the wrong hands when letters are delivered to an old address.
Taylor Rose MW yesterday announced a seven-figure investment into the company that will help to develop its technology and build its team.
Jack Roberts, chief executive of SlothMove, says: “Our partnership with Taylor Rose MW marks our next stage of growth in fulfilling our mission to change the way the UK moves, making it as hassle-free as possible.
“Taylor Rose MW’s investment will supercharge our growth, creating new jobs across technology, operations and business development. All of this enables us to take the stress out of moving and reduce fraud risk for our rapidly expanding userbase.”
Adrian Jaggard, chief executive of Taylor Rose MW, said the firm is confident of SlothMove’s future.
He says: “The SlothMove team is highly impressive and are solving a problem that many of our property clients face – using the latest property technology to quickly and easily update our clients’ personal details across a myriad of often disparate services to help save hours of hassle and make moving house a more stress-free and secure process.”