Following a successful 2021, Tower Street Finance, the inheritance lending specialist, has successfully closed its latest funding round.
The latest round raised £18.2m of debt and equity, to fund growth through 2022. The total raised now stands at £36.2m.
2021 saw Tower Street Finance establish itself as the market leader in the sector, securing relationships with the leading practitioners in the probate sector, helping many customers and firms, and achieving an ‘excellent’ Trust Pilot rating for customer service.
Additional funding has enabled the business to double its headcount in Q4 2021 with key hires in Marketing, Business Development, Operations and Credit. This additional resource will ensure TSF has the headcount to deliver its growth plans for the new year and beyond.
Tower Street Finance’s Finance Director Jim Sisson said: “We’re really pleased to have successfully closed this latest funding round. Funds raised will help accelerate our plans and meet our growth aspirations through the first half of 2022 and beyond. The additional funding demonstrates continued faith in the team, sector and our business plan.”
“We are enormously grateful to our shareholders and debt-funders for their ongoing support.”
Funds were raised from existing shareholders, including a leading London-based private equity and alternative credit fund provider. The TSF team was supported by DAC Beachcroft LLP, led by Chris Wall and Mike Pearce.
Tower Street Finance is regulated as a Lender by the FCA and currently offers four products to help customers who are going through the probate process – Inheritance Advance, IHT Loan, Estate Expense Funding and Inheritance Dispute Funding.
Tower Street Finance’s business development director Dicky Davies says: “Our products were designed in conjunction with feedback from probate professionals and the firms we’re partnered with tell us our products add to their service proposition, whilst saving time and cost. In particular our funding can help unlock problem estates which are asset rich and cash poor.”