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Banking Tech Awards
1st December 2022
Royal Lancaster Hotel

Banking Tech Awards 2022 Finalist: Updraft

Updraft has been selected as a finalist in the Best Digital Initiative – Lending and the Best Contribution to Economic Mobility in Banking/Finance UK category, in the Banking Tech Awards 2022.

Updraft

Updraft is a mobile only solution to enable people to live a confident and financially carefree life by lifting them out of expensive debt like credit cards, overdrafts and BNPL loans. Updraft reinvented financial planning and disrupted unsecured lending markets. We are on a mission to help people break up with their credit cards and better manage their money. Our solution is designed to change habits, with purpose-built lending products and contextual coaching and conversations. We exist to educate and empower our members to turn them from borrowers to savers and to help them make changes that pay off. We combine mobile native experiences, vertical lending stack and human emphatic service to drive long-term behavioural change.

Managing money is hard especially for users of credit cards, overdrafts and buy now pay later products. The core issue is a problem of inattention resulting in customers overpaying for the use of credit. Updraft enables people to live a financially carefree life by lifting them out of expensive debt. We exist to educate and turn our members from borrowers to savers, while helping them make changes that pay off.

We use best in class risk models that outperform bureau based credit risk models by combining traditional bureau data, open banking data and application data to better underwrite credit risk and lower the cost of credit. Our risk scoring, segments users into over 400 individual categories based on features proven to have predictive power around ability to pay. Features include inference on one’s occupation riskiness, their most expensive lending products and overall financial habits. Our proposition, brand and product provide an array of data elements that help us identify positive selection for making our lending decisions.

Our solution leverages AI/ machine learning on banking transaction data and provides personalised goals and tasks to save money, build savings and earn access to high quality credit. It also analyses transactional and mobile engagement data to better underwrite credit risk and lowers the cost of credit.

Our customers love our products. They rate us 4.7 in Trustpilot and our NPS score is at 43 and 84 amongst existing and new users respectively.

We have originated more than 275k users, and achieved £110m+ in gross lending - a growth of 4X within last 12 months.

More than 50% of our users make lasting changes with credit cards and other revolving balances, £1,000 interest cost saved over the lifetime of a loan and achieved £1.6m annual savings and £13m lifetime savings.

Our solution leverages AI/ machine learning on banking transaction data and provides personalised goals and tasks to save money, build savings and earn access to high quality credit. It also analyses transactional and mobile engagement data to better underwrite credit risk and lowers the cost of credit.

https://www.updraft.com/