Money-saving app Snoop has been acquired by listed Vanquis Banking Group.
Snoop, second on our FinTech 50 ranking last year, provides its customers with personalised insights to help them better understand and manage their finances.
It uses AI and open banking data to help people save on household bills and says it targets savings of up to £1,500 per year for customers.
Snoop also helps businesses understand emerging consumer spending trends by analysing customer spending habits and transactions on its platform, enabling businesses to be better informed about their customers.
The startup, which has bases in Norwich and London, is now joining Vanquis Banking Group plc.
The specialist bank has 1.7 million customers who will now benefit from the app. It says it also plans to provide capital to grow the Snoop proposition.
“Vanquis Banking Group is uniquely positioned to become the leading lender to underserved consumers,” said incoming CEO Ian McLaughlin.
“Snoop’s technology will enable the Group to provide a differentiated proposition to its customers with tools enabling them to manage their finances better and save them money.
“I am delighted Snoop is becoming part of our group and am confident that the combination of our customers and scale, with Snoop’s market leading technology, will allow us to go from strength to strength.”
John Natalizia (pictured), CEO at Snoop, commented: “Snoop’s ambition is to make everyone better off, and we believe that personalisation is the most powerful way to empower people to take control of their finances and make a real difference to their spending habits.
“Our cutting-edge technology, which leverages open banking, allows us to do just that. Today’s announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow.”