Sarah Watts, a director with Quilam Capital, guides the firm into a company seeking to help individuals avoid unnecessary credit card and overdraft charges. Quilam, a specialist investment firm, provided debt as part of the 16 million pounds that Updraft raised. The UK’s Government Future Fund and high-net-worth investors provided equity.
Updraft has created what it describes as a part lending, part credit report and part financial planning app aimed at decreasing consumer borrowing. Consumers in 2020 will pay more than 10 billion pounds in fees and interests for overdrafts and credit cards. Using open banking and credit report data, Updraft automatically builds a 360-degree picture of a user’s spending and borrowing and provides a series of interventions designed to lift the consumer back into the black. Where expensive borrowing is detected, users can get ‘Updraft Credit’ to pay off these high-interest-rate debts with a lower-cost loan, potentially saving them thousands of pounds in charges.
In a statement, Sarah said that Updraft “provides a truly unique offering across all of these aspects with a market leading solution to give customers the fairly priced credit they deserve.”
Sarah joined London-based Quilam last year from Shawbrook Bank.