Trust & Will, an online platform that gives legal forms and information that makes it easy and safe to create estate planning has raised an additional $ 15 million in funding from a group of high-profile financial institutions to build on its strength.
Amex Ventures, Northwestern Mutual Future Ventures, SEI Ventures, and USAA were all involved in the new financing, bringing the San Diego-based company's total funding to $48 million.
TechCrunch reported that Cody Barbo, the company's CEO, and co-founder, said that the company has seen its business double every year since 2020 and that it raised at a higher valuation than its last round, which included a strategic investment from USB at the end of 2021.
"It has partnered with many banks, credit unions, financial and insurance technology companies, and nonprofit institutions to educate and give discounts to customers on estate planning." Raising capital now is remarkable, as we are in turbulent times as macroeconomic trends continue to impact the tech sector at large.
He further said that we are proud that this capital gives us plenty of runway over the coming years, allowing us to achieve profitability with solid cash reserves. The companies also plan to use the capital to scale operations and further integrate with leading financial institutions.
In addition to the TechCrunch report, Trust & Will vowed to provide an "easy and secure" way to create estate plans and settle estates online, with the ability to customize legal documents that adhere to individual state and county guidelines. In October, the startup launched Trust & Will Probate, intending to streamline probate and estate settlement with "affordable options."
The company primarily earns transactional revenue that customers pay upfront. It also charges an annual membership that customers pay on an ongoing basis to have the ability to make updates to their estate plan.
Margaret Lim, American Express Ventures (Amex) managing director, said in a statement that "Trust & Will is modernizing the estate planning industry with a simple, fast, and affordable way to set up estates online," and further added that Amex is not only investing in the company but also excited to explore opportunities to partner with them. Amex Ventures is known for investing in transforming ideas every day for consumers and businesses globally.
However, this funding will help Trust & Will make more impact as their platform has made it easy for people to access all kinds of estate planning about what a person wants.
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