Digital Will Writing Company Farewill Receive £7.5 Million Investment
The world of Will writers, estate planning providers and probate services may need to adapt as a market leader has started the process of increasing their digital Wills and Probate presence.
Farewill, a probate startup and digital Will writing specialist with a considerable market share, has raised £7.5 million in a recent series A funding round, including a £4 million investment from venture fund Augmentum Fintech. Other investors were made up of the Daily Mail and Innocent Smoothies parent company, Jamjar.
Following the company’s exponential expansion and success since their inception in 2015, Farewill now write around 1 in every 30 Wills. With the recent investment they aim to capture at least 10% of the market by the end of 2019.
The use of Farewill’s online Will construction and modern digital tools have been a huge draw for many people in recent years.
Farewill representatives have intimated that the investment will be used to double its current workforce and continue to bring innovative tech-based solutions to the Wills and probate market.
Tim Leverne, Aumentun Fintech chief, considered their investment in Farewill and their position in the probate sector to be a “considerable opportunity,” because of the lack of competition from other digital probate providers.
Dan Garrett, CEO and founder of Farewill says: “Our approach to the challenge of will writing has always been led by design and solving customer problems. This fundraise is a great vote of confidence from our investors in continuing to follow that path. This year we’re investing heavily in product development to make sure we maintain our reputation for excellence in customer experience, while scaling to write 1 in 10 wills in the UK.
“When it comes to dealing with death it’s not us vs lawyers, it’s us vs apathy. Our role is to motivate and empower our customers through something they’ve been putting off for years. The key to that is designing a great online experience and providing expert specialist support whenever you need it.
“Over the next 10 years, over £1 trillion will pass between generations – doubling between 2017 and 2027. That is a serious amount to protect and pass on correctly. We offer a game-changing, convenient solution for the 31 million adults putting off a dreaded visit to the lawyer.
“But more than speed and convenience, what we offer is personal. Customers can leave personal messages for loved ones in private – very different to being on the meter in front of a lawyer. In fact,75% of our customers leave detailed funeral wishes or personal messages to their loved ones.”
Kylie Simmonds, of Toucan Consulting, said: “I’m delighted to see investment in technology within the legal sector. Farewill are making huge strides in making legal services far more accessible and appealing to the modern consumer, I for one am excited to see what they’ll be bringing to the market next.”
Karen Babington, Managing Director of Solve Legal Marketing, commented: “Farewill have certainly been the “one to watch” in recent years. We know that one of the main reasons consumers don’t make a will is because of apathy, and because there is no call to action as there is with a conveyancing transaction, for instance.
“By making the process far easier, convenient and by some clever “nudging” through digital marketing, Farewill is encouraging more consumers to make a will, which can only be a good thing.
“I expect to see more professionals offering an online service alongside their traditional face to face advice in the future.”
Alex Dunsdon, of SAATCHiNVEST, says: “There are few bigger markets than death. Everyone dies, and Farewill has already become the de facto consumer brand in the market. It’s been a privilege to watch Dan and the team grow so fast.”
Whilst some consumers continue to value face to face communication, the ability to amend and review their Will, using around-the-clock digital systems, is something that many modern consumers may expect in the future.
Has your business started using more digital technology to improve the customer experience? Do professional Will writers need to embrace technology in order to thrive in the modern Wills and probate sector?