The credit score fintech raised the capital from existing investors in the UK and the US.
"The number of people ‘just about managing’ with their finances is on the rise and millions are still underserved by the financial sector. We believe that people’s financial data should work for them, not against them. Our service provides our customers with the tools they need to understand their credit score and unlock more opportunities. Central to that is addressing a credit market that is not fit for purpose, and there is huge potential if we can collaborate across the industry to get that right. We’re excited about the next stage of this mission and delivering for our customers."
The investment round was led by NatWest with support from Quilam Capital to fuel the company growth and consumer lending targets.
"Updraft has performed incredibly well in 2021 and we’ve seen a real acceleration in growth in just the past few months. Our customers love the solution we provide and we are determined to help even more people with this new investment."
The follow-on funding will support platform adoption and commercial growth.
"Banks are embracing end-to-end execution and better customer experience across the value chain. The front-end deal syndication process is the logical next step in terms of digitisation in capital markets. We look forward to working with Mandalore Partners and ACF Investors on delivering platform adoption in this space."
