Updraft

Updraft is an open banking-powered app designed to form positive financial habits.

Updraft's mission is to help people break up with their credit cards and better manage their money.

Updraft was founded in 2017 by Aseem Munshi, with David Yalland and Matt Millar. The company is headquartered in London, United Kingdom.

 

Updraft provides fair loans at a lower cost to users’ credit. The app also provides information to help improve customers’ financial habits. Updraft uses open banking to connect to customers’ banks to approve loan applications.

 

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.

 

Updraft Credit lending is already at £120M. Updraft 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 is backed by NatWest, Hampshire Trust Bank, LC Nueva, Auluk Investment, Quilam Capital, Future Fund, Majlis Investments, Faber Capital, and others. The company raised £108M (£100M in debt and £8M in equity) financing round on Dec 19, 2022. This brings Updraft's total funding to £197.3M to date.

 

 

  • Year founded: 2017
  • Funding Info: £197.3M over 6 Rounds (Latest Funding Type: Debt)
  • Yearly Revenue: NA
  • Employee Size: 11-50
  • Business Valuation: NA
  • City/Town: London
  • State: London
  • Country: United Kingdom
Related businesses