About Us
Updraft is a part lending, part credit report, and part financial planning app for millennials. Our mission is to help people break up with their credit cards and other spend-linked borrowings by creating them a bespoke 'Payoff Plan', designed to lift them back into the black. By combining open banking data with their credit history, we'll show them exactly what their credit accounts are costing them, guide them on what to pay off first, help them improve their credit score, and give them bespoke, tactical advice to improve their financial position and disposable income.
We are also one of a new group of fintechs taking aim at the lending market. As part of a member's overall Payoff Plan (whenever possible), we will use our own balance sheet to refinance their existing borrowings at a lower interest rate. This helps them to pay less in interest and get back into the black much faster.
A typical Updraft customer is a working professional millennial with a good credit score and disposable income, but medium-to-high levels of mainstream borrowings across credit cards, overdraft, retail finance and instalment loans. We aim to reduce our users' existing interest rates by 20-50%.
Press releases
London Fintech Updraft raises £16m to help people break up with their...
LONDON, UK -- 2nd Dec, 2020 -- Updraft, a part lending, part credit report, and part financial planning app designed to tackle escalating consumer... read more
02.12.2020 • By Updraft
