With Latest Funding and Scotiabank Partnership, Willful Aims for Profitability

Willful, a Toronto-based will and estate planning software startup, is following the trend of many of its counterparts by shifting its focus towards efficient growth. Initially targeting a Series A round last year, co-founder and CEO Erin Bury disclosed that the company faced challenging market conditions. In response, Willful adjusted its strategy and scaled back its fundraising target, ultimately closing a $1 million CAD round in the fall. This adaptive approach underscores Willful's commitment to navigating market dynamics while staying on course for growth and success.

"We paused to ask what the future of Willful looked like, and realized that we really wanted to focus on building a healthy, profitable business, and to use funding strategically to make big bets or investments beyond what revenue can fund," explained Erin Bury, the CEO of Willful.Since closing its seed extension in 2021, Willful has been actively expanding its product offerings, entering new provinces, forging strategic partnerships, investing in regulatory relationships, and assisting tens of thousands of Canadians in creating their end-of-life financial plans. This proactive approach underscores Willful's dedication to providing comprehensive solutions for its customers while maintaining a sustainable business model for long-term growth and success.

According to Erin Bury, Willful has solidified its position as "Canada’s leading online will provider," boasting top rankings in terms of enterprise partnerships, search engine rankings, and monthly website traffic.In its latest funding round, Willful was led by its existing backer, Tactico from Montréal, with the participation of new investor Baycrest Hospital through its Centre for Aging and Brain Health Innovation, as well as ex-Shopify angels, among others. This all-equity, all-primary round brings Willful's total equity funding to over $2.5 million.

This substantial investment underscores the confidence of both existing and new investors in Willful's innovative approach and its potential to continue leading the online will industry in Canada.Erin Bury indicated that this funding round was not originally intended to be a Series A. While she did not disclose Willful's latest valuation, she stated that it exceeded both its $800,000 equity seed round in 2020 and its $750,000 convertible note seed extension in 2021.

The capital raised in this round will be utilized to support ongoing product expansion efforts, advocate for digital will legislation, and foster strategic partnerships, such as the recent deal with Scotiabank. This investment reflects Willful's commitment to enhancing its platform, shaping regulatory frameworks, and forging collaborations to further solidify its position as a leader in the online will industry.

Founded in 2017 by Erin Bury and her husband, Kevin Oulds, who serves as the head of research and innovation, Willful has emerged as a leading provider of digital estate planning tools in Canada. The startup offers a comprehensive suite of services that allow Canadians to conveniently create legally valid wills and power of attorney documents from the comfort of their homes in just 20 minutes or less.Since its inception, Willful has expanded its reach significantly. After initially launching in Prince Edward Island and Newfoundland this January, the platform is now available in all 10 Canadian provinces.

Notably, Willful offers "fully bilingual" software in Québec, catering to the province's unique linguistic requirements.This widespread availability underscores Willful's commitment to making estate planning accessible and convenient for all Canadians, regardless of their location or language preferences. By leveraging technology, Willful empowers individuals to take control of their end-of-life planning with ease and confidence.

Since its launch, Willful has made a significant impact, assisting over 150,000 Canadians in creating more than 300,000 documents related to estate planning. With its recent partnership with Scotiabank, Willful aims to extend its reach even further.Erin Bury highlighted the increasing interest from financial institutions in offering digital estate planning resources to their clients. While banks traditionally assist high-net-worth clients with estate planning and settlement, there has been a gap in providing solutions for average Canadians.

Bury expressed her admiration for Scotiabank's commitment to helping clients uncover untapped value in their resources. She emphasized the synergy between Willful and Scotiabank, noting that the collaboration will not only assist clients in maximizing the value of their estates but also facilitate the significant wealth transfer occurring between Baby Boomers and their heirs. This partnership underscores Willful's mission to democratize estate planning and ensure that all Canadians have access to essential tools for securing their financial future.

The collaboration with Scotiabank represents Willful's second partnership with a major Canadian bank, following its initial collaboration with CIBC in July 2021. Scotiabank's decision to partner with Willful stems from its commitment to simplifying the process for Canadians to access wills and other estate planning documents online.As part of this partnership, Scotiabank clients will benefit from a special offer, receiving a 20 percent discount on Willful plans, which begin at $99.

This discount underscores Scotiabank's dedication to providing added value to its clients by facilitating access to essential estate planning services through Willful's user-friendly platform. Through these strategic partnerships with leading financial institutions, Willful continues to democratize estate planning and empower Canadians to take control of their financial futures with ease and affordability.On the product development front, Willful is prioritizing the integration of additional flexibility into its core platform. This includes implementing flexible payment options such as Klarna and enabling users to organize more of their wishes outside of the will. The company also aims to digitalize as much of the process as legislation allows.

Currently employing 19 individuals, Willful transitioned to a fully virtual setup in 2022, discontinuing its physical office presence. The company has adjusted its hiring plans to align with its managed growth approach. Erin Bury anticipates that Willful will achieve profitability moving forward, starting with the next fiscal year commencing on July 1.

Bury notes a shifting landscape among venture capitalists, with a growing emphasis on profitability. She observes a departure from the model of running highly unprofitable businesses that consume cash each month in pursuit of long-term growth. Instead, investors increasingly prioritize healthy businesses with strong long-term potential. This strategic focus aligns with Willful's commitment to sustainable growth and long-term success.