Quilam backed an ambitious and talented management team to launch a new entrant into the UK consumer finance market in 2016. Funeral Safe was launched as a regulated consumer lender offering a simple, accessible and affordable finance solution to cover funeral and broader end of life purchases through a point of sale model.
Funeral poverty is a well documented problem for many UK households with limited financing options for the consumer driven by sensitivities in the sector. Funeral safe offer a clear and simple consumer lending solution, supported by an exceptional relationship with the regulator and a management team that know and understand the funeral space.
The market is underserved with very little funeral focused financing solutions available to the consumer. The recent demise of unregulated pre-plan products has further accentuated this.
The original investment provided working capital and, importantly, fund the initial growth of the loan book. The management team are highly capable, with excellent contacts in the sector providing an attractive route to market.