Investment Type

Investment Type

Equity & Sub Debt

Sector

Sector

Consumer Finance

Date

Date

Jul 2020

Juristiction

Juristiction

UK

Who They Are

We’ve backed a highly expert and ambitious management team on their mission to help Millennials clear their overdrafts, pay off their credit cards, save more and reach their life goals faster. The Updraft proposition combines its expert analysis of open banking and bureau data alongside its in-house decisioning processes to help customers get a 360 degree view of their finances and give them the fairly priced credit they deserve.

Updraft was launched in 2020 with a best in class management team with decades of experience in top tier high street banks, leading consumers products and building mass consumer mobile solutions. Updraft’s app provides a mobile native experience which combines credit reporting with open banking to allow users to view all spending and borrowing. This provides the clearest view of their financial landscape and encourages long term behaviour changes to improve the financial well-being of their members.

Quilam’s backing enabled the initial loan book funding plus working capital ahead of a significant senior funding which initially closed in 2021, and has upsized to support book growth in 2022.