- Updraft, a UK neolender, concludes a successful year with £272 million in debt and equity funding.
- £250 million forward flow arrangement secured with Santander and Jefferies Financial Group.
- Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments lead a £22 million mezzanine and equity investment.
- Founded in 2017, Updraft’s mobile app integrates lending, credit reporting, and financial management services.
- Updraft utilizes open banking and behavioral data to enhance credit risk underwriting and reduce credit costs.
- The latest funding round follows a December 2022 raise of £108 million led by NatWest and Hampshire Trust Bank.
- Updraft celebrates a strong year, surpassing 500,000 users and helping pay off over £225 million in credit card and overdraft debt.
- The capital influx positions Updraft for profitability in 2024 and allows investment in their platform business.
