Founded by former Virgin Money chief Jayne-Anne Gadhia, smart money app Snoop has secured £15 million in Series A funding from American investment management firm Paulson & Co. Inc.
Snoop uses Open Banking technology to connect to a customer’s bank accounts and credit cards, snooping through the data to find money saving opportunities on bad deals, poor value renewals and wasteful subscriptions.
The Norwich-based firm claims to have delivered over three million money-saving and money-management insights to customers and aims to save the average household around £1,500 each year.
The latest funding comes off the back of a recent £10 million crowdfund round in December and brings the total raised by the startup to £34 million.
Gadhia says the cash will be used to fund product and distribution development and extension, as well as aid international expansion, with the US identified as a key target.