Following reports first circulated by Sky News a few weeks back, the UK’s money management app Snoop has been acquired by Vanquis Banking Group.
At the time of Snoop’s last raise of funds, a Series A round at £15 million provided the company with a post-money valuation of £47 million back in 2021.
Launched in early 2020 by former Virgin Money CEO Dame Jayne-Anne Gadhia, Snoop uses open banking and analytics to help customers discover the biggest money-saving opportunities in their budgets and apply them at just the right time, targeting an average save of up to £1,500 per year.
According to Vanquis, the acquisition will provide Snoop with access to the Group’s 1.7 million customers, as well as with growth capital.
“Snoop’s ambition is to make everyone better off, and we believe that personalisation is the most powerful way to empower people to take control of their finances and make a real difference to their spending habits,” commented Snoop CEO John Natalizia. “Our cutting-edge technology, which leverages Open Banking, allows us to do just that. Today’s announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow.”
According to Vanquis Banking Group, “The acquisition has minimal impact on the Group’s regulatory capital.”
