Vanquis Banking Group buys UK smart money app Snoop
Vanquis Banking Group has announced it has acquired UK fintech Snoop for an undisclosed sum.
Vanquis Banking Group acquires UK fintech Snoop
Founded in 2019 by Dame Jane-Anne Gadhia and launched in 2020, Snoop offers a money saving app that leverages both artificial intelligence (AI) and open banking technology to provide its users with a personalised overview of their spending habits and behaviours.
With this insight, it claims to help its users save on household bills and targets savings of up to £1,500 per year for its users. Likewise, the app’s business customers can access the same level of insight to determine customer spending trends, enabling them to better tailor their own offerings.
The app initially raised £10 million through a Seedrs-led crowdfunding round in 2020, followed by a £15 million Series A a year later which valued the app at £47 million.
In March of this year however, reports indicated that Gadhia was in talks to either raise new funds or sell off the business. Now it has become evident that she has chosen the latter.
Snoop’s acquisition by the Bradford, West Yorkshire-based lender is poised to provide the app with “significant scale” through which it will have access to both more capital and Vanquis Banking Group’s 1.7 million customers.
John Natalizia, Snoop’s CEO, says the acquisition “strengthens our purpose” while also describing Vanquis Banking Group as “the perfect partner” to grow the business with.
Ian McLaughlin, incoming CEO of Vanquis Banking Group, says the company’s adoption of Snoop’s technology will enable it to provide “a differentiated proposition to its customers with tools enabling them to manage their finances better and save them money”.
