Financial credit app Updraft has managed to raise £16m to expand its business, with part of the funding coming courtesy of the UK Government.
Specialist investment firm Quilam Capital is also providing to the fund. Although exact figures on how the disclosed £16m has been split are unknown, the Future Fund initiative provides loans between £125k and £5m.
Providing customers with a holistic view of their finances, a method of automating decisions and no overcharging fees, the company’s app managed to accrue a 40,000 person waiting list prior to release; it is now available from the iPhone app store.
