Snoop, a platform that helps users with smart banking, has announced the raise of £15 million in Series A funding which would be used for growth and expansion in the coming months.
The company was founded by former Virgin Money Chief Jayne-Anne Gadhia and its mission is to help users to find ways and means to make savings by providing them with valuable and actionable insights on their spending and how they would be able to get better deals and offers so that they can start their savings. and the company says that it would be able to help users to save up to GBP 1500 a year.
Jayne-Anne Gadhia, Executive Chair of Snoop, says: “I’m delighted that Paulson has invested in the Snoop proposition, team, and ambition, and that they – like us – view open banking as a major growth opportunity within the financial sector. We’re building a business with unstoppable momentum and this investment from a global financial heavyweight is a massive vote of confidence. It will play a key part in realizing Snoop’s ambition to become a global leader, synonymous with open banking and smart money management.”
The app uses open banking APIs and data analytics to study the banking data of users and then provide them with insights on where they could make their best savings from with its main focus on a bad deal,s subscriptions that are going waste or are available cheaper at other places, etc. This helps the users to gain insights into the spending and wasteful expenditure which they can use for course correction and savings.
This would not have been possible without open banking which is bringing in a lot of innovation in the banking field in the UK. The company says that it already processes 300 million transactions worth GBP 32 billion every day. With Open banking also set to be established through the US in the coming months, this is likely to provide a very big opportunity for companies like Snoop and other innovators in the field to bring in new features for their users and make banking a user-friendly experience but at the same time ensuring that the user has full control over his banking data. The funding for the company would be useful for its expansion into other regions apart from growing the team for the development of new features and upgrades.