AG has advised Updraft on its funding arrangements.
Updraft is a unique solution that helps customers manage their finances with innovative tools and lending products.
Using proprietary AI, Updraft provides customers with a complete picture of their spending and borrowing and enables customers to take charge of their finances and see where they are overpaying for borrowing. This then enables them to look at their overall position and using Updraft's lending products reduce their borrowing charges by appropriately refinancing their debt and reduce charges, in some cases by up to 50%.
The Quilam investment is in addition to funding secured by Updraft from the government-backed Future Fund as well as other high net worth investors.
The AG team was led by Finance partner Zoe Connor, who leads the firms Speciality Finance practice and Commercial partner William James who specialises in payments and leads the firms' specialist payments team.
Zoe said "It has been absolutely fascinating and exciting working with Updraft and its founder Aseem Munshi on the funding of this innovative, unique and much needed consumer credit solution". William added "We have been working with Updraft since its inception and are thrilled to have advised such a talented team on a proposition that ensures that consumers can actively understand and manage their finances particularly in a year when many people have been borrowing without properly appreciating the cost".
Updraft founder Aseem Munshi said "Addleshaw Goddard have always provided us with great support and advice and that continued when getting our Quilam funding in place. Their expertise across the debt and fintech market was invaluable and they were able to drive the transaction forward effectively. We look forward to working with the AG team as we continue our expansion plans."