Level, an FCA regulated, non-bank lender, specialising in the probate, family law and private client sectors, has raised £105 million in a combination of equity from Capricorn Capital and a senior secured facility from Pollen Street Capital.
Level is the UK’s leading lending company for family law and probate proceedings. Since its launch in 2017, it has provided funding worth over £175 million to more than 1,650 clients with family law and probate issues. The value of Level’s lending book has grown by 71% over the past financial year and, with its new debt raise, it expects to see very strong growth in the value of funds it lends to clients.
Looking ahead, Level is well-placed to benefit from secular trends, including increased demand for specialist financial support in probate and family law. With over £100 billion of assets tied up in probate in the UK, and processing delays1 expected to continue, Level plays a crucial role in bridging the gap for families who await access to illiquid assets while facing inheritance tax deadlines. Recent policy developments are expected to further accelerate demand for Level’s services, with inheritance tax receipts projected to increase by 30% to £10 billion by 2029.
George Williamson, Founder and CEO of Level said: “The combined equity and debt investment from Capricorn Capital and Pollen Street Capital puts us in an excellent position to continue our mission to provide financial support to people when they need it most. It also allows us to meet the rapidly growing demand for our services, within the context of probate delays, rising inheritance tax bills and continued cost of living pressures. We are delighted to partner with such high calibre investors.”
As part of the transaction, Robert Gottlieb, CEO of Capricorn Capital and Ricardo Delgado, Principal of Capricorn will join the board of advisers. The board also includes major investors Grant Kurland of Kendal Capital, Richard Avery-Wright, CEO and founder of 1818 Venture Capital, as well as Neil Purslow, CIO and Founder of Therium Capital. Grant Kurland, former CEO and founder of Bayport Financial Services, a global credit enterprise, joined Level as Chairman in 2024 after making a significant investment into the business. Kurland brings deep credit expertise and provides ongoing strategic advice ensuring the team delivers growth and maximises performance.
In addition to the transaction, Level announces the appointment of Harvey Bowman as Finance Director, a role he has held since January 2024. Bowman previously led the finance function at Cardeo, which was acquired by Intriva-owned UK consumer lender, Fluro, and brings a wealth of experience in financial services, having spent many years in restructuring and corporate finance at EY & Evercore.
Paul Varty of Pollen Street Capital commented: “We are delighted to be working with Level, with this investment being a perfect fit for Pollen Street's asset-backed credit strategy. The probate and family law lending space offers significant growth potential, and Level has built an impressive business addressing these clear market needs. We look forward to building a long-term relationship that supports their continued expansion”
Robert Gottlieb, CEO of Capricorn Capital, said: “Level presents a very compelling investment opportunity in a rapidly growing market. We have known Level for a number of years and look forward to working with its best-in-class executive team to support the growth plan and help the business realise its full potential.”