Vanquis Banking Group has acquired UK fintech Snoop, a money-saving app leveraging AI and open banking technology, allowing users to track spending habits and save on household bills, with the app valued at £47 million in its latest funding round.
Facts
- Vanquis Banking Group has acquired UK fintech Snoop for an undisclosed sum.
- Snoop, founded in 2019 by Dame Jane-Anne Gadhia and launched in 2020, offers a money-saving app using AI and open banking technology to provide personalized spending insights to users.
- Users can save up to £1,500 per year through Snoop’s insights on spending habits and behaviors.
- The app also offers similar insights to business customers to help them tailor their offerings based on customer spending trends.
- Snoop raised £10 million through a Seedrs-led crowdfunding round in 2020 and secured a £15 million Series A funding a year later, valuing the app at £47 million.
- Vanquis Banking Group’s acquisition is expected to provide “significant scale” to Snoop, granting access to more capital and Vanquis Banking Group’s 1.7 million customers.
- Snoop’s CEO, John Natalizia, sees the acquisition as an opportunity to strengthen the app’s purpose and growth with Vanquis Banking Group’s partnership.
- Vanquis Banking Group plans to use Snoop’s technology to offer its customers tools to manage their finances better and save money.
