FINTECH SNOOP RAISES OVER £10 MILLION IN CROWDFUND AS IT PREPARES TO LAUNCH NEW AUTO BILL-BUSTING SERVICE
- Snoop attracts over 1,700 new investors and smashes £5 million investment target
- Crowdfund round takes total raised by the business to £19 million
- Six-month-old fintech aims to put billions of pounds back in consumers’ pockets1
- The average household could save £1,500 each year with Snoop2
- Innovative bill-busting service to automatically help consumers switch and save on key services at the right time
Money-saving fintech Snoop continues to gather significant momentum, raising £10 million from over 1,700 investors on the Seedrs crowdfunding platform. Former financier, Pierre Lagrange, joined existing investors Lord Brown’s Havisham Group, Travelex Founder Sir Lloyd Dorfman and Salesforce Ventures in the latest fundraising round.
Snoop takes the idea of money management much further than other fintechs by allowing customers to use their own data as a powerful force to save money. Using secure open banking data and advanced analytics, the app provides data-driven, personalised insights (‘Snoops’) to help consumers find their biggest money saving opportunities. Snoop has already successfully delivered over one million money-saving and money-management insights to customers and can save the average household around £1,500 each year.
John Natalizia, CEO at Snoop, said:
“We’re all about making it as easy as possible to put a big chunk of cash back in people’s pockets and want to make Snoop the most valuable app on everyone’s phone. We’ve made great strides since we launched in April and we’re thrilled with the support from customers in the crowdfund. We will now accelerate development of the platform, broaden our smart money-saving services and continue to scale the business.”
Commenting on Snoop’s new bill-busting service Natalizia added:
“Our customers can already see all their bank accounts in one place and they’ll soon be able to manage all their bills too. By using our new Payment Hub customers will be able to deepen Snoop’s intelligence, take the personalisation of the app to another level, and help find better deals at exactly the right time so they never spend more than they must. No shiny, expensive metal cards, just a 100% focus on saving people time and money through hyper-personalised money management.”
Led by Dame Jayne-Anne Gadhia, Snoop launched in April 2020. Since then the app has been downloaded over 125,000 times as consumers seek to make more of their money in the face of tough and uncertain economic conditions. In September 2020 Snoop was named one of Europe’s top 50 financial technology companies in the Fintech50, ranked 5th in BusinessCloud’s 100 Fintech Disrupters list and topped their East of England Tech 50.
- Scott Mowbray | [email protected] | 07834 843 384
Notes to Editors
- 1According to the report, ‘Consumer Priorities for Open Banking’, published in June 2018, consumers could stand to gain at least £12 billion from Open Banking-enabled services over the course of a year.
- 2Median household disposable income in the UK was £29,600 in financial year ending (FYE) 2019, based on estimates from the Office for National Statistics Living Costs and Food Survey. Snoop aims to save customers at least 5% against their annual discretionary and non-discretionary spending and household bills.
- Snoop champions the consumer, is 100% independent and works 24/7 to help people spend, save and live smarter. The app delivers this through ‘Snoops’ – data-driven, personalised insights to help make everyone better off.
- Snoop is powered by Open Banking which was mandated by The Competition and Markets Authority in January 2018 to strengthen competition and innovation in the UK retail banking market. For more information on Open Banking please visit: https://www.openbanking.org.uk/.
- For more information about Snoop, please visit: https://www.snoop.app.