Updraft is a UK financial-technology company offering loan refinancing solutions that help members understand their financial profile and establish practical habits to pay down borrowings. It combines smart algorithms, Open Banking, credit reference data and behavioral data to build fuller credit-risk models and deliver bespoke payoff recommendations. The company says its risk models outperform traditional bureau-based models, helping lower the cost of credit. Updraft plans to add value-added features to turn borrowers into savers and to test new channels to reach additional customer segments while aiming to be a leader in financial support and guidance. The business has grown to 500,000 users and customers have paid off more than £225m in credit cards and overdraft debt. Management expects to reach profitability in 2024 and to reinvest in its platform business. Updraft is a UK financial app that leverages Open Banking to build a complete view of users' spending across credit cards, overdrafts, loans, and BNPL products. The company applies behavioral science and machine learning to deliver empathic, in‑app messaging and personalised advice to help members avoid costly credit and change habits. Updraft reports it has served more than 85,000 UK clients and is focused on ongoing growth. Proceeds from the recent raise will support expansion, the addition of new features to curb impulse purchasing, and efforts to reduce members' reliance on high‑interest borrowing. The firm aims to lend £200 million to UK consumers next year and is acquiring additional equity to scale operations. Financially, the company completed a £72 million equity and debt round, building on a £16 million raise closed last year. Updraft is a part-lending, part-credit-report and part-financial-planning app that builds a 360-degree picture of users' spending and borrowing using open banking and credit report data. The app identifies expensive, spend-linked borrowing—credit cards, overdrafts and buy-now-pay-later—and offers interventions including 'Updraft Credit', a lower-cost loan to pay off high-interest debts. Updraft is available now on iPhone, with an Android version soon to follow. The company was founded by Aseem Munshi; the founding team includes David Yalland (Chief Product Officer) and Matt Millar (Chief Technology Officer), with Greg Detre heading data science and Andrés Castaño leading mobile. Updraft has an advisory board including Mat Braddy, Philip George and Sanjiv Sud. Financially, Updraft secured £16m in a mix of equity and debt financing, with Quilam Capital leading on the debt side and the UK Government’s Future Fund participating via a convertible loan note alongside high-net-worth investors.

Total raised

$437M

Funding rounds

4

Latest round

Debt Financing

Latest activity

Dec 2023