Financial App Provider Updraft Secures £72M in Equity and Debit to Support UK Expansion

Updraft, the financial app provider, has confirmed its largest investment round, securing  £72 million in equity and debt, in order to support its expansion and assist more UK consumers on a  path to attaining financial independence.

The investment round has been led by NatWest, which offered Updraft’s inaugural senior debt facility, with the Fintech firm also adding to its existing debt facility with specialist investment company, Quilam Capital.

This further builds on a £16 million round that was finalized last year.

The proceeds will be channeled towards supporting Updraft in its goal to significantly lower high-interest borrowings for UK clients by assisting their members with avoiding credit card debt and the growing Buy Now, Pay Later (BNPL) burden.

By leveraging Open Banking tech, Updraft is focused on establishing a complete picture of a users’ spending patterns via credit cards, overdrafts, loans and the controversial BNPL products. Updraft’s tech leverages behavior science and machine learning to provide human, empathic and mindful experiences to assist members with making appropriate changes that start to pay off in the long run.

Another reason for Updraft’s steady business growth has been its approach to service. The company is serving all members with simple and easy-to-understand advice and conversations via its intuitive in-app messaging platform.

Updraft has reportedly served more than 85,000 UK clients who want to free themselves from costly credit cards and overdrafts and has plans for ongoing growth.

Beyond its goal to lend out £200 million to UK-based consumers next year, the Fintech company is focused on adding new features that should help members break free of the impulse purchasing habit and become wiser with their hard-earned money.

In addition to the £72 million debt and equity round, Updraft is acquiring more equity to scale its operations.

Aseem Munshi, CEO and Founder of Updraft, stated:

“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. This commitment from NatWest and our continuing relationship with Quilam Capital are both strong endorsements to the quality of our solution and our team. It’s an exciting time for team Updraft as we embark on the next stage of our growth.”

Rob Lamont, Director, Financial Institutions, NatWest remarked:

“Updraft has carved itself a niche in the Fintech space by providing users with a holistic view of their finances, and setting them on a track for future financial success by improving habits and reducing expensive borrowing. And we believe the need for this type of solution is set to grow, as consumers take more interest and more control of their money. As a leading bank for financial capability, NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this.”

Sarah Watts, Director, Quilam Capital added:

“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.”



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