Financial habit-forming platform Updraft has netted £108m in equity and debt to support its ambitious growth strategy.
The senior debt funding round of £100m was led by NatWest, with Hampshire Trust Bank also joining to create a £160m senior debt facility for Updraft.
Meanwhile, LC Nueva and Auluk Investment led equity funding of £8 million. Several other prominent investors in this round included David Callard, Majlis Investments, and Faber Capital.
Updraft combines smart algorithms, open banking and credit reference data to build a complete picture of a person’s financial profile. It then gives bespoke recommendations to establish practical and beneficial finance habits and effective routes to pay off borrowings.
According to the firm, this latest raise will support the business in the growth of its team and customer base, as well as investment into new features and products.
With Updraft Credit lending already at £120 million, the business has just launched a phased rollout of its latest initiative to help members; Updraft Payce – a reusable limit to turn credit card purchases into cheaper, faster, flexible payoff plans.
Updraft CEO and founder Aseem Munshi said, “We are thrilled to close this latest round of funding, where our debt and equity partners have demonstrated their belief in Updraft’s team and our mission, particularly in the current macroeconomic environment.
“It is a testament to what Updraft is trying to do; provide real solutions to customers to help them find their financial freedom. We have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people.”
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