The firm plans to launch a Series B funding round soon. Credit: Photo by Toa Heftiba on Unsplash.

UK-based credit fintech Updraft has raised £108m in a Series A equity and debt funding round to expand operations.

In a LinkedIn post, the firm said that NatWest led the senior debt funding round of £100m, with participation from Hampshire Trust Bank to create a £160m senior debt facility for the fintech.

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The £8m equity funding was led by LightHouse Canton and Auluk Investment.

The round also saw participation from several other investors, including David Callard, Majlis Investments, and Faber Capital.

Updraft plans to use the funding to increase its team size, grow its customer base and expand into new markets in Europe and Asia, reported Evening Standard.

The fintech leverages algorithms, open banking and credit reference data to offer customised personal loans to customers.

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NatWest director of financial institutions Rob Lamont said: “As a leading bank for financial capability, NatWest is pleased to be supporting a business that improves financial outcomes for consumers in the UK, and Updraft does just this. We are confident with Updraft’s growth momentum.”

Updraft CEO and founder Aseem Munshi: “We are really excited – getting the funding in this environment was much more challenging than it was last year but our partners have been with us for a long time and they continue to invest.

“We have hit our key milestones this year and look forward to next year when we will announce our next funding raise.”

Munshi founded the firm in 2017 to address the inflexibility in the lending market and the firm plans to open its Series B funding soon.

In December 2020, the fintech firm raised £16m to expand into UK’s consumer lending market.