Vanquis Banking Group has acquired Snoop, the money-saving app founded by former Virgin Money chief Jayne-Anne Gadhia.
Snoop utilizes Open Banking technology to link to customers’ bank accounts and credit cards, analyzing data to uncover money-saving opportunities related to unfavorable deals, costly renewals, and unnecessary subscriptions.
Founded in 2020, Snoop secured £15 million in Series A funding the following year from American investment management firm Paulson & Co. Inc., along with £10 million raised through a crowdfunding campaign.
Having achieved over 1.2 million app installations, Snoop enlisted Rothschild in March to explore options for a sale or new capital investment.
The acquisition will enable Snoop to significantly scale its operations, gaining access to Vanquis Bank’s 1.7 million customers, as well as providing fresh capital for business growth.
John Natalizia, CEO of Snoop, stated: “Today’s announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow.” The financial terms of the transaction remain undisclosed.