To create your Updraft account, we need to collect some information to verify your identity, understand your financial situation, and keep your account secure. We are authorised and regulated by the Financial Conduct Authority (FCA), and this process ensures we meet our legal and regulatory obligations while acting as a responsible lender.
1. Personal Information
What we need:
Your full legal name
Your date of birth
Your current residential address (and previous addresses if you've moved recently)
Why we need it: This is for Identity Verification, also known as Know Your Customer (KYC). As a regulated financial institution, we are required by law to verify that you are who you say you are. This is a crucial step in preventing fraud and financial crime.
2. Contact Information
What we need:
A valid email address
A UK mobile phone number
Why we need it: This is for Account Security and Communication. Your email address will be your username for logging in, and we'll use it to send you important account statements and updates. Your mobile number is used for verification purposes, such as sending a security code when you log in, to ensure your account stays secure.
3. Financial Information
What we need:
Your main source of income (e.g., employment, pension)
Your approximate monthly take-home pay
Any other regular monthly income you receive (this helps us see your full financial picture)
Why we need it: This is for your Affordability Assessment. To be a responsible lender, we need to have a clear understanding of your overall income amount. This helps us ensure that any products we might offer you, such as a loan, are affordable and suitable for your financial circumstances.
4. Your Online Banking Credentials
What we need:
You will need the login details for your primary bank account(s) (the username and password you use for your mobile banking app or your bank's website).
Why we need it: Updraft uses TrueLayer, an FCA-authorised Open Banking provider, to establish a secure, read-only connection to your account. You enter your details directly into your bank’s own secure portal, not into the Updraft app.
Updraft never sees or stores your credentials.
This connection allows us to view your verified transaction history through TrueLayer, giving us an accurate picture of your income and spending. This helps ensure any lending decision is fair and responsible, based on your real financial situation rather than a credit score alone.
Why We Ask For This & How We Keep It Safe
Your trust is our top priority. Every piece of information we request serves one of two purposes:
To Comply with Regulations: As an FCA-regulated company, we are legally required to verify your identity and ensure we lend responsibly.
To Provide You with a Better Product: By understanding your full financial picture, we can offer smarter, more personalised tools and fairer rates to help you achieve your financial goals.
All your data is protected with bank-level 256-bit TLS encryption. For more details, you can always review our Privacy Policy on our website.