Updraft, the financial habit-forming platform, and HomeServe, the international home repairs and improvements business, have announced a strategic partnership “to help consumers manage their energy costs and participate in the green homes revolution.”
The partnership will “offer consumers an affordable way to combat rising energy costs by installing highly efficient boiler equipment and providing ongoing maintenance.”
Updraft and HomeServe are determined “to help individuals take steps to be more efficient in the home and reduce their bills, without upfront financial investment.”
Updraft brings to the partnership “its expertise in consumer lending, while HomeServe brings 30 years of experience at providing plumbing, heating and electrical maintenance policies to over a million homeowners in the UK.”
This collaboration is “part of Updraft’s Lending as a Service proposition and serves both partners’ long-term strategy to expand their business opportunities and contribute to the decarbonisation of UK homes.”
Aseem Munshi, CEO and Founder of Updraft commented:
“The HomeServe and Updraft partnership offers unique customer and business growth opportunities where two companies from different industries join up to create a new customer value proposition we would be unable to offer on our own. HomeServe is a home-grown UK company aligned with Updraft’s core value of being fiercely customer centric and striving to help customers make changes that pay off.”
Mike Jackson, Global CEO of Consumer Finance, HomeServe commented:
“Without the right financing solution, it will be difficult for many consumers to reap the benefits of installing efficient heating equipment in their homes. By working with Updraft, we want to make it easier for homeowners to be warm, secure and comfortable.”
The partnership forms “part of Updraft’s continued growth strategy and follows £108 million funding in equity and debt to power its ambitious growth strategy and deliver savings to its fast-growing user base of 300k members.”
As noted in the update, Updraft is “a financial habit-forming platform, which enables its members to understand their financial profile, forge positive habits with their money, and make changes that pay off for the long term.”
Combining smart algorithms, Open Banking and credit reference data, Updraft helps build a full picture of “a user’s financial profile.”
It then serves recommendations “to establish practical, beneficial habits and deliver routes to pay off borrowings in the most effective possible way.”
Updraft has “built a supportive customer base of over 300,000 users and their people-oriented approach has garnered a 4.7 Trustpilot score.”
As mentioned in the announcement, HomeServe is “an international home repairs and improvements business that makes home repairs and improvements easy by providing policies to cover home maintenance, and matching consumers with the right tradespeople.”