The business is now planning to give its customers the opportunity to share in its success and future growth through a crowdfund on the Seedrs platform in September 2020.

As well as giving a complete view of a customers’ finances through the latest open banking technology, Snoop uses artificial intelligence to provide data-driven, personalised insights (‘Snoops’) to help consumers pinpoint their biggest money saving opportunities based on their overall financial situation - bills and spending. The average household could save around £1,500 per year.

The business has been named one of the top 50 financial technology firms in Europe in The Fintech50 2020 list of companies ‘to watch’ because of its relevance to the lives of people and the financial services sector now.

Dame Jayne-Anne Gadhia, Founder and Executive Chair at Snoop said: “Achieving over 100,000 downloads and being named one of Europe’s top financial technology firms within five months of launch has certainly exceeded our expectations. Snoop can help the average household save around £1,500 per year and the business is gathering significant momentum as consumers seek to make more of their money in the face of tough and uncertain economic conditions. The power of open banking is still relatively untapped and will be an area of massive growth in the next couple of years. We’re planning to put Snoop at the forefront of that growth and put billions of pounds back in people’s pockets at a time when it’s needed most.”

Gadhia added: “The exciting thing about Snoop for me is that we’re building it with our customers. The engagement and feedback from our community has been incredible. We launch new features to improve the app every couple of weeks as we aim relentlessly to meet customer demand for new money saving features. To thank the Snoop community, we’re planning to give them exclusive access to our crowdfunding before opening it up to the general public. It’s a great way of everyone being able to share in the success of the business we’re building together.”

Snoop expects to attract between 600k-1 million customers in under three years by helping consumers and households overcome the so-called £12 billion ‘loyalty penalty’. The business is targeting revenue of over £3 million in 2021 and profitability by 2023.

Alongside the founders, existing investors include Lord Brownlow’s Havisham Group, Travelex Founder Sir Lloyd Dorfman and Salesforce Ventures.