Updraft raises £108m in equity and debt funding from NatWest, LC Nueva, and others to expand operations.
The £108m investment was led by backers including NatWest, LC Nueva, and Auluk Investments to fund product development and growth.
Updraft is a consumer lending fintech that combines open banking and credit data to help users refinance expensive credit cards and overdrafts. The platform assists individuals in consolidating debt and building healthier financial habits.
Updraft has secured £108m in a new funding round comprising both equity and senior debt. The debt facility was led by NatWest and Hampshire Trust Bank, while the equity portion was backed by investors including LC Nueva, Auluk Investments, and Faber Capital. The capital will support team expansion, customer acquisition, and the rollout of new products.
From the founder
"We are thrilled to close this latest round of funding, where our debt and equity partners have demonstrated their belief in Updraft’s team and our mission, particularly in the current macroeconomic environment. It is a testament to what Updraft is trying to do; provide real solutions to customers to help them find their financial freedom. We have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people."
Aseem Munshi
CEO at Updraft
Investor perspective
"As a leading bank for financial capability, NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this. Supplementing succinct user and lending growth strategies with the use of best-in-class risk models that outperform bureau-based credit risk models, we are confident with Updraft’s growth momentum. They are, thus far, on track against all key measures where growth in new users, new lending, balance sheet, revenue, write-offs, and overall net margin are all to plan."
Rob Lamont
Director, Financial Institutions, NatWest
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Rob Lamont
NatWest
Paul Maurici
Hampshire Trust Bank
Sohil Chand
LC Nueva
Kieren Auluk
Auluk Investments
Faber Capital
David Callard
Majlis Investments
Categories
About the company
Updraft
Updraft provides loan refinancing solutions to help members understand their financial profiles and pay off expensive debt.