London-based fintech firm Updraft has secured a £108mln funding round comprising debt and equity to expand and build on its banking application.
Updraft, which aims to connect users with fairer loans at lower costs, gained the backing of major financial institutions including NatWest, Hampshire Trust Bank and India-based investment fund LC Nueva.
“We have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people,” said Upstart’s chief executive Aseem Munshi.
Prior to founding Updraft in 2017, Munshi was head of HSBC’s unsecured lending division.
Commenting on the investment round, Rob Lamont, NatWest’s relationship director, said: “As a leading bank for financial capability, NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this.
“Supplementing succinct user and lending growth strategies with the use of best-in-class risk models that outperform bureau-based credit risk models, we are confident with Updraft’s growth momentum.”