Updraft raises £22m in mezzanine and equity funding to complete a balance sheet facility and fuel growth
The funding round was led by Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments.
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.
London-based consumer lending fintech Updraft has secured £22m in mezzanine and equity funding. The capital injection was led by Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments. The fresh funds are earmarked to complete a balance sheet facility and support growth objectives through 2024.
Alongside the equity and mezzanine round, the business closed a £250m forward flow arrangement with Jefferies and Santander Corporate and Investment Banking. The combined financial backing aims to accelerate Updraft on its path to profitability and expand its customer base.
From the founder
"This agreement helps us serve even more customers to manage their finances."
Aseem Munshi
CEO at Updraft
Investor perspective
"Our review of Updraft’s processes and underwriting gives us confidence in their ability to originate and manage a high performing loan book."
Pradeep Krishnamurthy
MD, Head of ABS Originations, Jefferies
Use of funds
- 01Scale operations
Investors
Categories
About the company
Updraft
Updraft provides loan refinancing solutions to help members understand their financial profiles and pay off expensive debt.