/start ups

News and resources on fintech start-ups, scale-ups, hubs, accelerators, VCs and funding worldwide.

Vanquis Banking Group acquires money saving app Snoop

Vanquis Banking Group has acquired Snoop, the money saving app founded by former Virgin Money boss Jayne-Anne Gadhia.

2 comments

Vanquis Banking Group acquires money saving app Snoop

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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.

Sponsored [Webinar] Exploring the ethics of AI in banking

Related Company

Keywords

Comments: (2)

A Finextra member 

Congratulations on a successful exit, well done John and team !

A Finextra member 

This is certainly NOT a successful exit at all for the crowdfunding investors in Snoop. They were not consulted on the sale and will lose money. Not only is consideration deferred but at a value that will see a loss to those early supporters who helped the creation of the business.

There are a lot of unhappy Snoop shareholders out there.

[On-Demand Webinar] Ensuring Interoperability in the Age of Global, Cross-Border e-InvoicingFinextra Promoted[On-Demand Webinar] Ensuring Interoperability in the Age of Global, Cross-Border e-Invoicing