Exclusive: NatWest-backed Updraft raises £72m in latest funding round
NatWest-backed Updraft, an app which aims to help people get out of debt, has raised £72m in its latest funding round as it eyes expansion.
The fintech firm, which is looking to lend £200m to UK customers next year, allows customers to connect their bank accounts and view their debts from across credit cards and overdrafts.
“Updraft has carved itself a niche in the fintech space by providing users with a holistic view of their finances, and setting them on a track for future financial success by improving habits and reducing expensive borrowing,” director of financial institutions at NatWest, Rob Lamont said.
“We believe the need for this type of solution is set to grow, as consumers take more interest and more control of their money.”
The desire for financial literacy has been increasing among younger generations, which Updraft looks to target by offering customer base, who are in their 30s on average, ways to check their credit score and tips on how to improve it.
CEO and founder Aseem Munshi said: “Updraft has performed incredibly well in 2021 and we’ve seen a real acceleration in growth in just the past few months.”
The fintech boss added that the backing from NatWest is a strong endorsement, as it looks to scale the business further over the next year.