Founded in 2017 and headquartered in London, Updraft isn't just another lending app. It is designed specifically for "multi-card jugglers"—people managing multiple credit cards and overdrafts who want a lower-cost way to pay them off.
The UK currently faces a significant debt challenge, with credit card and overdraft balances estimated to be around £50 billion. Updraft’s goal is to lend £200 million annually to help reduce these high-interest borrowings. Updraft secures ВЈ72m investment in NatWest-led ...
: NatWest led the round, providing Updraft's first senior debt facility. Specialist investment firm Quilam Capital also extended its existing debt facility to support the fintech's growth. Founded in 2017 and headquartered in London, Updraft
In a major move for the UK fintech scene, the financial wellness app Updraft has secured in a funding round led by banking giant NatWest . This investment marks a significant step forward for the "neolender," which aims to help UK consumers escape high-interest debt traps and build long-term financial resilience. What is Updraft? Updraft’s goal is to lend £200 million annually
Updraft secures £72m investment in NatWest-led funding round
The app uses technology and machine learning to build a 360-degree view of a user's finances. It then provides personalized advice and lower-interest loans to replace expensive borrowings like credit card balances and buy-now, pay-later (BNPL) debt. Key Highlights of the Funding Round