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UK neolender Updraft secures £272m in mix of debt and equity funding | Fintech InShorts: Latest fintech news, analysis by experts

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UK neolender Updraft secures £272m in mix of debt and equity funding

By Laura M

December 21, 2023

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.

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