The news: Digital estate planning platform Safewill has secured $17 million in Series B funding to expand its services beyond digital wills in estate administration.

The round was co-led by Reinventure and King River Capital, with participation from Carthona Capital, Flying Fox Ventures, Betashares founders Alex Vynokur and Ilan Israelstam and several prominent Australian technology entrepreneurs and business leaders.

The numbers: Safewill has grown its user base by 200% year-on-year since 2019, with more than 150,000 Australians creating wills through the platform. The company said the cost of creating an average will with Safewill is about 80% cheaper than traditional legal services.

Through partnerships with over 250 Australian charities, the platform has helped raise over $1 billion in future income through bequests.

Tthe context: Safewill has established itself as the largest will writer in Australia and New Zealand, with its software used by institutions such as Maurice Blackburn, Mercer Super, Real Insurance and the ACT Public Trustee and Guardian.

The company also established Safewill Legal, which has become one of the fastest growing probate law firms in Australia.

What they said: “The way estate planning is approached in Australia is outdated and doesn’t work for modern families,” said Adam Lubofsky, chief executive of Safewill.

“With more than half of Australians without a will, our mission is clear: to make estate planning accessible, approachable and relevant for everyone.”

Danny Gilligan, Managing Partner of Reinventure, said: “Safewill is one of the most exciting fintech opportunities I have seen in my career. It’s also our favorite place to invest – at the intersection of large, overlooked markets and important parts of society.

Origin: Safewill press release