Updraft raises GBP 72 million lead by Natwest

Wednesday 20 October 2021 14:41 CET | News

UK-based financial app Updraft has raised GBP 72 million in equity and debt, to fuel its expansion and help more UK consumers on a bespoke path to financial freedom.

The funding round was led by NatWest, who provided Updraft’s inaugural senior debt facility, with the fintech also extending its existing debt facility with specialist investment firm, Quilam Capital.  This builds on an initial GBP 16 million raise that was announced in late 2020. 

The capital raised will support Updraft in its mission to reduce high-interest borrowings for UK consumers by helping its members avoid sticky credit card debt and the ever rising buy now, pay later burden. 

Utilising Open Banking technology, Updraft builds a full picture of a users’ spending on credit cards, overdrafts, loans, and recently introduced Buy Now, Pay Later products. In addition to the recently closed GBP 72 million debt and equity round, Updraft is also raising further equity to scale the business. 

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Keywords: funding, Open Banking, lending, BNPL
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
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Banking & Fintech

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