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In June 2020 alone, there were 933 million debit and credit card transactions made by cardholders in the UK, reflecting a total spend of £43.5 billion (UK Finance). Not only is that a lot of money, it’s a lot of data – and that data is currently underused.
Dame Jayne-Anne Gadhia, founder and executive chair of Snoop (and former CEO of Virgin Money), created Snoop to leverage the power of open banking and put its users’ spending data to work, to ensure they’re never getting ripped off by big business and big banks.
Backed by Salesforce Ventures, Havisham Group and Sir Lloyd Dorfman, Snoop is constantly keeping an eye on you and your money, spotting clever ways you can save. Every time you swipe your card, pay a bill or make an online purchase, Snoop logs that data, and feeds it into a real-time, 100% personalised financial feed of money-saving ideas. Think of it like Instagram for finance. It will tell you when you’re overspending, and recommend ways of reducing unnecessary expenditures and ultimately help you save around £1,500 per year.
Finance is easier than ever before, but it’s still not easy. Chances are, if you’re like the average UK consumer, you have 2 credit cards, and maybe a debit card, and a few challenger debit cards to boot. Snoop is engineered to simplify your financial experience, by connecting your bank accounts and credit cards together within one app so you can see all your balances and transactions together. The platform currently enables secure connections with 50 banks and credit card companies. Not only does Snoop carefully analyse every transaction to learn more about your spending behaviour on every card you use, it’s always a few steps ahead, to let you know which payments are due in the next 7 days, and whether those payments are perhaps more expensive than they should be.
The company’s growth to date has been nothing short of impressive. With over 100,000 downloads in its first five months since launch, Snoop has already successfully delivered over one million money-saving and money-management tips – they call them ‘Snoops’ – to their user base. To support this growth, they’ve added 10 new team members, and raised £9 million from investors including Sir Lloyd Dorfman (Founder of Travelex).
Most importantly though, Snoop has been making tangible, positive changes for thousands of people across the country. The company has consistently achieved a rating of 4.7 or higher in the App Store and was awarded a place in the ‘Top 50 Fintechs’ of Europe (previous award alumni include Monzo, Revolut and Starling). From the very beginning, Snoop – and its management – have been highly focused on improving financial accessibility and preparedness for the public. Snoop takes the idea of money management much further than most other fintechs by allowing users to use their own data as a powerful force to save money, and remain financially agile. In a dense market of challenger brands, Snoops’ hyper-personalisation and relevant, personalised money insights provide a significant competitive edge.
Snoop’s early adopters were actually older than they had expected, with 80% of customers are over 30 years of age. They were more likely to have a mortgage, more likely to be married and more likely to need innovative ways of saving for the bigger things in life. In the spirit of empowering its customers of all ages, Snoop is completely free for the user, with primary revenue streams coming from commission when a customer switches energy or mobile providers for example, as well as partnership deals.
Over 1,200 investors have backed Snoop’s crowdfunding campaign, which is currently over 100% funded. The proceeds from this round will enable them to continue building out their product offering, and develop new features that will revolutionise money management and budgeting. They’ll also be looking to expand their product team and commercial team to drive partnerships and continue to power further growth.
To join the investors helping build the future of finance, visit the pitch now.