Updraft, a fintech offering consumer lending and financial planning services, has raised £272m in a joint debt and equity round.
Founded in 2017, Updraft aims to offer lower-cost credit options and provide tools that improve spending and savings habits. Updraft uses open banking to put customer credit data into a report that offers advice and lending options.
The London-based company has closed a £250m agreement with Jeffries and Santander Corporate and Investment Banking to support its lending ability.
Updraft also raised £22m in a mezzanine and equity investment from Quilam Capital, MoreThan Capital, LC Nueva AIF and Auluk Investments.
“This agreement helps us serve even more customers to manage their finances,” said Updraft CEO Aseem Munshi.
“The size and term of the deal gives us a long window to focus on building our products, processes and strategy for future growth while we continue to manage risks and build a profitable business. This is another key milestone delivered by the amazing Team Updraft.”
In December 2022, the company secured £108m in a funding round, £8m of which was an equity investment. The debt portion of the round came from NatWest and Hampshire Trust Bank.
Updraft previously raised £72m in 2021.