Debt3 December 2020

Updraft secures £16m in Series A follow on funding led by Quilam Capital to tackle consumer borrowing

Quilam Capital led the debt financing alongside the UK Government Future Fund and high net worth backers.

£16.0MDebt

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 financial technology company Updraft has secured £16m in a Series A follow on funding round comprising equity and debt. The financing was led on the debt side by Quilam Capital, alongside participation from the UK Government Future Fund and a syndicate of high net worth investors.

The capital will support the company as it scales its platform designed to assist consumers in clearing costly credit card debt and overdraft fees. Updraft combines open banking data with algorithmic monitoring to identify expensive borrowing and offer cheaper alternatives.

The business has tested its application with over 15,000 users during a beta period through 2020 and plans to expand availability with an upcoming Android release alongside its existing iOS offering.

From the founder

"We are thrilled by this vote of confidence from a respected institution like Quilam. This funding gives us the fire power to take on the UK’s spiralling consumer borrowing – and we are acutely aware how much help young professionals need right now."

Aseem Munshi

CEO at Updraft

Investor perspective

"Over the years we’ve seen innovators making use of open banking, shed light on financial health and provide credit, however Updraft provides a truly unique offering across all of these aspects with a market leading solution to give customers the fairly priced credit they deserve. We’re delighted to invest in Updraft and support the business on their mission to give consumers the tools to save and reach their life goals faster."