Monday, March 4, 2024
HomeFunding UK-based Consumer Lending Fintech Company Updraft Secures £272 Million Debt and...

[Funding alert] UK-based Consumer Lending Fintech Company Updraft Secures £272 Million Debt and Equity Round

UK-based consumer lending fintech company Updraft secures £272 million debt and equity round. With the help of loan refinancing options from Updraft, users can better comprehend their financial situation, develop wise financial habits, and make long-term decisions.

UK-based consumer lending fintech company Updraft secures £272 million debt and equity round. With the help of loan refinancing options from Updraft, users can better comprehend their financial situation, develop wise financial habits, and make long-term decisions.

Open Banking, credit reference information, and sophisticated algorithms are all combined by Updraft to offer a comprehensive view of a user’s financial background. It then provides customised advise on how to form useful, advantageous routines and offers strategies for repaying debts as effectively as feasible.

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The forward flow agreement with Santander Corporate and Investment Banking and Jefferies allows the company to further its goal of assisting UK households in avoiding expensive credit cards and overdrafts.

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A second £22 million Mezz and equity investment was also announced by Updraft. Mezz capital is superior to equity since it is debt capital. With this, the £200 million balance sheet facility will be fully constructed, and Quilam Capital, MoreThan Capital, LC Nueva AIF, and Auluk Investments will be able to drive growth in 2024.

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In keeping with its expansion ambitions, Updraft will keep striving to be the leader in financial support and guidance while introducing more value-added products that convert users from borrowers to savers and testing new methods to reach new consumer categories.

Updraft CEO, Aseem Munshi, reacted to the closing of the deal, saying: “This agreement helps us serve even more customers to manage their finances. 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.”

MD, Head of ABS Originations at Jefferies, Pradeep Krishnamurthy added: “Our review of Updraft’s processes and underwriting gives us confidence in their ability to originate and manage a high-performing loan book.”

Updraft was advised by Alantra on the design and execution of the forward flow arrangement. Co-CEO of FIG at Alantra, Andrew Jenke said: “We are immensely pleased to have advised Updraft on the execution of this important transaction.”

About Updraft

For millennials, Updraft is an app that combines financial planning, credit reporting, and loan features. Their goal is to assist customers in reducing their use of credit cards and improving their money management.

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