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