Vanquis Banking Group has acquired Snoop, the money saving app founded by former Virgin Money boss Jayne-Anne Gadhia.
Snoop uses Open Banking technology to connect to a customer’s bank accounts and credit cards, sifting through the data to find money saving opportunities on bad deals, poor value renewals and wasteful subscriptions.
Launched in 2020, the firm raised £15 million in Series A funding the following year from American investment management firm Paulson & Co. Inc. It also pulled in £10 million in a crowdfunding campaign.
The company, which has seen its app installed more than 1.2 million times, enlisted Rothschild in March to assist with plans on a sale or new capital raise.
The acquisition will provide Snoop with significant scale, allowing access to Vanquis Bank’s 1.7 million customers, as well as with fresh capital to grow the business.
John Natalizia, chief executive officer, Snoop comments: “Today’s announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow”.
The value of the transaction has not been disclosed.