Estate Settlement Fintech ClearEstate Raises C$2.5Million Seed Extension To Accelerate Growth For SaaS Solution In North America
Strategic investors include funeral home operators seeking to take estate settlement into the digital-age
ClearEstate, a digital-first estate settlement platform for North American executors, announced its platform launch into the US in partnership with California-based funeral home operator Anthem Partners. The estate settlement fintech also announced C$2.5M in seed extension funding to support product innovation and an expanded further rollout across the United States and Canada.
This funding was raised primarily from strategic investors including funeral home operators across North America that are also launch partners for the platform. Institutional investors include Torstar Corporation, Triangle Capital Corporation, NAventures and Diagram Ventures.
Traditionally, the estate settlement process can take over 400 hours or 12-18 months to complete, and the average executor must independently procure fragmented and costly settlement solutions. Further, most executors are not equipped or prepared for the process, with over two-thirds (71 per cent) of North American executors noting they have never discussed the assets of the estate before their appointment, and a majority (58 per cent) reporting little to no awareness of what the role entails.
“ClearEstate’s streamlined, all-in-one, tech-enabled solution was built with estate executors’ needs at the forefront during what is often a difficult personal period in their lives,” said Davide Pisanu, co-founder and CEO of ClearEstate. “Whether we work directly with executors and families themselves or through our funeral home partners, our platform offers systematic, tailored guidance to help individuals navigate the legal and procedural complexities of the estate settlement process with ease.”
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The average estate is valued at $180,000 in North America and currently, approximately US$0.5T is transferred each year from one generation to the next. Over the next 25 years, we can expect to see the largest wealth transfer in history of approximately US$65T.
“ClearEstate is well-timed to take the unknown out of being an executor in a digital-first world,” said Andrew Clark, Chairman of ClearEstate and co-founder of Triangle Capital Corporation. “The platform offers much-needed clarity and efficiency to executors, while ensuring that traditional industry players have an opportunity to remain competitive in a rapidly changing environment.”
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