Updraft, a UK based fintech disrupting the consumer credit market, has closed a £16 mn funding round thorugh a combination of equity, provided by the UK Government’s Future Fund, and debt by Quilam Capital.
Updraft focuses on spend-linked borrowings like credit cards, overdrafts and buy now, pay later scheme. Updraft was founded by Aseem Munshi, HSBC’s former cards and unsecured lending head in the UK,
The ‘Future Fund’, a £500m project that opened for applications on 20 May 2020, aims to offer new, high growth and high potential British businesses with access to transformative financing during the COVID-19 pandemic.
Specialist investment firm Quilam Capital is also providing to the fund. Although accurate figures on how the disclosed £16m has been split are undiscovered, the Future Fund initiative provides loans between £125k and £5m.