Series A31 October 2021

Updraft secures £72m in Series B and debt funding led by NatWest to expand consumer lending.

The investment round was led by NatWest with support from Quilam Capital to fuel the company growth and consumer lending targets.

£72.0MSeries A

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 £72m in a new debt and equity investment round to support its ongoing expansion. The financing was led by NatWest, alongside continued backing from specialist investment firm Quilam Capital.

The fresh capital will enable the financial wellness app to scale its operations and further its mission of helping UK consumers reduce expensive borrowings, such as credit card debt and buy now, pay later products. The company plans to deploy the funds as it targets £200m in consumer lending throughout 2022.

The raise follows a period of strong momentum for the London-based fintech, which has already served more than 85,000 customers. Updraft uses open banking and machine learning to offer users a consolidated view of their finances alongside bespoke guidance.

From the founder

"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."

Aseem Munshi

CEO at Updraft

Investor perspective

"Updraft has taken great strides in the last year, ensuring that consumers have access to not only fairly priced credit, but to a platform and service with which they can make brilliant steps in their financial wellbeing. We’re delighted to continue to invest and support the business on its mission to give consumers the tools to save and reach their life goals faster."