Snoop, the money-saving app founded by former Virgin Money boss Jayne-Anne Gadhia, has reportedly engaged bankers to explore a potential sale, according to Sky News.
The company has enlisted Rothschild to assist with its plans for either a sale or a new capital raise. Sky reports that Snoop has already received multiple takeover inquiries.
Utilizing Open Banking technology, Snoop connects to customers’ bank accounts and credit cards to analyze their financial data, identifying opportunities for saving money by highlighting poor deals, uncompetitive renewals, and unnecessary subscriptions.
Launched in 2020, Snoop secured £15 million in Series A funding from the American investment management firm Paulson & Co. Inc. in 2021, along with an additional £10 million raised through a crowdfunding campaign.
The app has been installed over 1.2 million times, and to reach profitability, it is estimated that Snoop requires up to £10 million in new investment, as reported by Sky. In January, Gadhia took on the role of chair at digital wealth manager Moneyfarm.