London fintech firm secures £16m funding with public launch of finance app

A London fintech firm has announced that it has secured £16m in funding as it aims to help consumers avoid unnecessary credit card debt.

Updraft, a startup lending, credit report and financial planning app, has received the funding from specialist investment firm Quilam Capital and the government’s Future Fund.

More than forty thousand people joined the waitlist for the FCA approved service and 15 thousand were granted early access to beta test Updraft throughout 2020 before it was officially launched last week.

Sarah Watts, director of Quilam Capital, commented: “Over the years we’ve seen innovators making use of open banking, shed light on financial health and provide credit, however Updraft provides a truly unique offering across all of these aspects with a market leading solution to give customers the fairly priced credit they deserve.

“We’re delighted to invest in Updraft and support the business on their mission to give consumers the tools to save and reach their life goals faster.”

Aseem Munshi, CEO of Updraft, said: “We are thrilled by this vote of confidence from a respected institution like Quilam.

“This funding gives us the fire power to take on the UK’s spiralling consumer borrowing.”

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