UK fintech Updraft secures £108m debt and equity funding
London-based neolender Updraft has raised £108 million in debt and equity funding to help fuel its growth.
Updraft lands £108m debt and equity funding
The investment comprises a £100 million debt funding round led by NatWest with participation from Hampshire Trust Bank. NatWest also led Updraft’s £72 million equity and debt financing round in October last year.
The £8 million equity funding round was led by LC Nueva and Auluk Investment and featured “several other prominent investors”.
Updraft offers a financial wellness app featuring lending and credit report offerings. The firm utilises “smart algorithms, open banking and credit reference data to build a complete picture of a person’s financial profile” and provides personalised recommendations to help customers form positive financial habits.
The firm says the latest equity raise will “help more customers avoid unnecessary credit card and overdraft charges, particularly important during the cost-of-living crisis”.
It adds the money will be used to invest in new features and products and will “support the business in the growth of its team and customer base”. The company currently boasts around 300,000 members and has plans to open its Series B funding round “soon” with the goal of building a £1 billion business over the next five years.
