A London startup aiming to connect users with fairer loans at lower costs has raised 拢108 million of funding.
Updraft combines smart algorithms, open banking and credit reference data to offer bespoke personal loans to its customers.
A senior debt funding round of 拢100 million was led by NatWest to help create a 拢160m senior debt facility for the business.
Meanwhile an 拢8m equity fundraise was led by Auluk Investment and New Delhi-based LC Nueva.
The FinTech is eyeing expansion to markets in Europe and Asia.
鈥淲e have big ambitions planned for 2023, and this recent fundraiser puts us in a great position to help even more people,鈥� said CEO Aseem Munshi, head of HSBC鈥檚 unsecured lending division prior to founding Updraft in 2017.
Rob Lamont, NatWest鈥檚 relationship director, said: 鈥淎s a leading bank for financial capability, NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this.
鈥淪upplementing succinct user and lending growth strategies with the use of best-in-class risk models that outperform bureau-based credit risk models, we are confident with Updraft鈥檚 growth momentum.鈥�