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Updraft
Anti-debt financial app
- 21-100 employees
- Fintech
- B2C
- Personal finance
- Lending
- Machine Learning
- Paddington, London, UK
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Company mission
Help consumers find freedom from cumulative lifestyle borrowing such as credit-cards, overdrafts and buy-now pay-later schemes.
Few candidates hear
back within 2 weeks
Our take
Updraft is an anti-debt financial app going after the £3bn spent on overdraft fees every year in the U.K.
The financial health app harnesses behaviour science, machine learning and open banking to guide users away from bad debt and late fees. The business also steps-in offering their own lower-interest ‘Updraft Credit’, driving revenue without hampering financial wellness.
The company has seen significant investment over 2022 and 23, having raised £380 million over those two years. This substantial capital from the likes of Natwest and Santander will help Updraft accelerate its customers' paths to debt zero. It is also developing new tools for its platform that will help turn users from borrowers into savers. To date, the platform has over half a million users and has helped pay off more than £225 million in overdraft and credit card debt.
Steph
Company Specialist at Welcome to the Jungle
Benefits
- Home office budget
- Share options
- Flexible working
- Tech budget
- Unlimited paid time off
- Financial Learning
Funding (last 2 of 7 rounds)
Dec 2023
$27.8m
EARLY VC
Dec 2022
$10.2m
SERIES A
Total funding: $95.4m
Leadership
Aseem Munshi
(CEO)Prior to Updraft, Aseem ran the credit card and unsecured loan business for HSBC UK. Over 15 years experience in managing several multi-billion dollar consumer asset portfolios.
David Yalland
(CPO)Previously CEO of Digital Strategy & Consulting firm, Sketch., winning multiple blue chip clients and spinning out 100,000+ user fintech app, Patch.