Updraft gets GBP 16 mln in funding

Friday 4 December 2020 14:24 CET | News

UK-based money management app Updraft has closed GBP 16 million in equity and debt from investors.

Investment firm Quilam Capital is leading the debt investment and another chunk is coming in the form of a convertible loan from the government-backed Future Fund as well as other high-net-worth investors.

Using Open Banking and credit report data, Updraft creates a general view of a customer’s spending and borrowing and provides a series of interventions to get them back on track. According to the fintech, the average Updraft customer has been able to reduce their borrowing charges by up to 50%.

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Keywords: Updraft, funding round, money management, mobile banking, online banking, Future Fund, Open Banking, credit report, borrowing
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech

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