# Updraft

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/updraft

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.updraft.com
- Total disclosed funding: $9.7M
- Latest round: Series A (Dec 16, 2022)
- Investors on record: 3

## About

Updraft, based in the UK, is a financial technology company that specializes in consolidating consumers' credit card debt into manageable loans, simplifying repayment processes and improving financial health.Founded in 2017 by Aseem Munshi, Mat Braddy, and Matt Millar, Updraft operates out of London, UK. The company focuses on providing a singular financial product aimed at consumers struggling with high-interest credit card debt. In December 2023, Updraft raised GBP 8.000 mn in a Series A funding round co-led by Auluk Investments, Faber Capital, and LC Nueva Capital, marking a significant investment in its growth trajectory. The company has completed a total of 11 deals as of the most recent deal date.Updraft offers a financial product that enables consumers to consolidate their credit card debt into a manageable loan. This service allows users to simplify their repayment process by merging multiple credit card payments into one monthly payment. Targeted primarily at individuals in the UK, Updraft facilitates an innovative application process where users verify their identity and income by connecting their bank accounts, allowing for quicker access to funds.In the most recent financial year of 2023, Updraft generated revenue of GBP 28,637,647, with an EBITDA of GBP -7,627,651. The company's revenue structure primarily derives from interest accrued on loans issued to consumers, alongside a loan fee, ensuring a transparent cost of credit that is communicated upfront to customers.Following its recent funding round on December 19, 2023, which raised GBP 8.000 mn, Updraft plans to leverage this investment to expand its market presence. The company aims to introduce additional financial products and enhance its offerings by targeting new markets. The funding will support these strategic initiatives, contributing to Updraft's growth and operational expansion.

## Funding rounds

- Series A, Dec 16, 2022, $9.7M — Faber Capital, LC Nueva Capital, Auluk Investments

## Investors

- Faber Capital — Series A
- LC Nueva Capital (https://capitalatlas.ai/funds/lc-nueva-capital) — Series A
- Auluk Investments — Series A