Alantra advises Updraft on the raise of a £272 million financing transaction

Dec 2023

SFABS

London – Alantra, a leading global investment bank and asset management firm has advised Updraft on the closing of a £250m forward flow arrangement with Jefferies and Santander CIB. Additionally, the company also closed a £22m mezzanine round led by Quilam Capital, and an equity investment, led by MoreThan Capital and LC Nueva AIF.

Updraft is a UK-based fintech, whose mission is to help UK households move away from expensive credit cards and overdrafts. Updraft provides loan refinancing solutions, enabling its 500,000+ users to understand their financial profile, forge positive habits with their money, and make changes that pay off in the long term.

The closing of the transaction allows Updraft to build on its momentum gained in 2023 into 2024, helping customers on a path to debt zero with clear pay-off routes. Updraft’s growth plans will see more value-added features to turn users from borrowers to savers, test new channels to reach new customer segments, while staying on course to be the leader in financial support and guidance.

Aseem Munshi, CEO, Updraft, said: “This agreement helps us serve even more customers to manage their finances. The size and term of the deal gives us a long window to focus on building our products, processes, and strategy for future growth while we continue to manage risks and build a profitable business. This is another key milestone delivered by the amazing Team Updraft.”

Andrew Jenke, Co-CEO of FIG at Alantra, added: “We are immensely pleased to have advised Updraft on the execution of this important transaction.”