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Level acquires Tower Street Finance


Level, a UK-based and FCA regulated lender within the family and private client law sectors, writes that it is targeting growth in the probate lending sector with the acquisition of Tower Street Finance. Level has also secured new investment from Kendal Capital and additional funding from Correlation Risk Partners to support its growth plans.  The announcement comes as Level sees demand for loans to pay family law legal fees and advances on settlements increase as the cost-of-living crisis hits individuals and families.

The acquisition of Tower Street Finance opens a significant new market for Level which is expected to grow rapidly due to lengthy Probate Service processing delays and as individuals require support as the cost-of-living crisis continues to affect them.  With over GBP100 billion of assets tied up in probate in the UK, demand for probate lending is growing as it provides a way to bridge the gap while relatives wait for probate to be granted or illiquid assets such as property or land to be sold but are facing a deadline to pay the IHT bill before the inheritance comes through. 

Level recently raised a further GBP10 million comprising GBP5 million equity capital investment from Kendal Capital and £5 million debt investment from Correlation Risk Partners, to support its growth strategy.  Kendal Capital’s Co-Founder and former CEO and founder of Bayport financial services, Grant Kurland, brings deep credit expertise and will provide ongoing strategic advice to help the management team deliver growth and maximise business performance. 

In addition to the probate and IHT offering, Level continues to focus heavily on family law, where its funding empowers parties who may otherwise be financially outmatched in litigation to appoint suitable legal representation, where they may not be able to afford a lawyer at all or able to obtain credit from a traditional financial institution.  

Level’s products enable individuals to reach a fair and swift financial settlement in their legal proceedings, by providing funding to cover their legal fees and living costs. 

The co-founder of Tower Street Finance, Jim Sission, and two key employees will join the Level team, bringing the headcount to 20.  Grant Kurland of Kendal Capital joins a board of advisers which includes Neil Purslow, CIO and Founder of Therium Capital, and Richard Avery-Wright, CEO and founder of 1818 Venture Capital, also a major investor in the business.

George Williamson, Founder and CEO of Level says: “Kendal Capital’s investment not only brings significant equity to accelerate growth, but unparalleled experience in scaling lending businesses. We are well-placed to meet the growing demand for funding by families involved in these sorts of proceedings and supporting them in achieving a fast and fair financial outcome.”

“Tower Street Finance have been the standout market leader since pioneering the probate market in 2020, while Level has done the same in the family law market.  By combining Tower Street Finance’s unparalleled expertise and network in the probate market with our platform and trusted reputation, we have a significant advantage over our competitors.  Beneficiaries dealing with estates need clear and fair solutions, delivered with speed and empathy. I believe the existing market is ripe for improvement and that the Level and Tower Street Finance combination, is set to do just that.”

Co-founder of Tower Street Finance, Jim Sission, says: “I am really excited to be joining Level at this time. Bringing together two market leaders in family law and probate finance creates a best-in-class platform for legal funding. The combined business has the capability to serve the growing demand in both areas, as well as leverage our combined expertise to further develop our product offer in the future.”

Grant Kurland, CEO and Co-Founder of Kendal Capital, says: “Level presents an exciting investment opportunity in a growing market.  The combination of Level & TSF is well placed to capitalise on their respective market leading positions in the family and probate sectors and my team and I look forward to working with the already best-in-class Executive team to support the growth plan and help the business realise its full potential.”

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