Carpeo Estate Planning, a division of award-winning customer services outsourcing business Carpeo, has secured more than half a million pounds of funding from alternative finance provider, ThinCats.
The facility will be used to provide working capital and capital expenditure for the business. The funding has already supported the creation of over 100 jobs in its new site in Caerleon House, Cleppa Park, Newport South Wales with a further 200 to follow over the next couple of years.
The new business has the aim of demystifying the wills and funeral planning process by making more affordable solutions available to people across the UK. The FCA-regulated organisation also employs 250 people in Swindon.
David Williams, director at Carpeo said:
“In a world of banks saying ‘No’, ThinCats said ‘Yes’. ThinCats is a relationship-driven business and their team took the time to get to know us and what we wanted to achieve and shaped the facility to meet our needs. The short lines of decision-making made the process easy and straightforward.
“Approximately 60% of UK adults don’t have a will and 41% haven’t made the necessary provisions for a funeral. It is our mission is to make available more accessible, affordable and effective estate planning solutions through our membership scheme. It is therefore our intention to disrupt the market and having the support of an entrepreneurial alternative finance provider is aligned perfectly with that vision."
Carpeo was introduced to ThinCats via the alternative business funding portal as David Williams explains:
“I discovered the alternative business funding portal through searching online and found it to be a viable way for business owners to be able to access a variety of innovative funding providers. I would definitely urge businesses that are seeking funding to input their details and quickly and easily explore the range of new options available in the market.”
John Sharpe, business originator, South West & South Wales at ThinCats, added:
“This is a very exciting time in Carpeo’s development in transforming the UK estate planning sector and we are delighted to have been given the opportunity to support the business during this exciting phase of its ambitious growth. We wish the management team every success with the business and their continued impressive investment in supporting employment in South Wales.”