Aseem Munshi (2nd from the left)/Updraft.
Exclusive: NatWest-backed fintech Updraft closes £108m debt and equity Series A
CEO Aseem Munshi says Updraft is already preparing to open its Series B shortly.
Financial management app Updraft will next week announce a £108m Series A funding round, comprised of £100m of debt and £8m of equity, AltFi can exclusively reveal.
The debt portion is being led by NatWest, who also led Updraft’s last £72m debt and equity round, while the equity portion of this latest raise is being led by LC Nueva, Auluk Investments and Faber Capital.
Hampshire Trust Bank is also taking part in order to create a £160m senior debt facility that the business will be able to tap into in the future.
Updraft’s app builds an overview of a user’s spending and borrowing, then offers a series of interventions to help reduce or consolidate debt, like refinancing credit card or buy now, pay later borrowing.
This fresh funding will help the fintech continue to lend and support its now over 300,000 customers, while also helping the team to grow.
As part of next week’s announcement, Updraft’s CEO and founder Aseem Munshi will also indicate that he is already working on Updraft’s next funding round, with plans to open its Series B “soon” and to expand to new markets in the future.
“We are thrilled to close this latest round of funding, where our debt and equity partners have demonstrated their belief in Updraft’s team and our mission, particularly in the current macroeconomic environment,” Munshi will say.
“We have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people.”