UK neolender Updraft is ending the year on a high having raised £272 mn
In brief:
- Founded in 2017 and based in London, Updraft offers a mobile app featuring lending, credit reporting and financial management services.
- It combines open banking and behavioural data in an attempt to improve credit risk underwriting and lower the cost of credit.
- The round comprises a £250 mn forward flow arrangement with Santander and Jefferies Financial Group, while Quilam Capital, MoreThan Capital, LC Nueva AIF and Auluk Investments led a £22 mn mezzanine and equity investment.
