Vanquis Banking Group has acquired money management software company Snoop for an undisclosed amount.
The Norwich-based app leverages open banking to give users an overview of all their bank accounts and recommendations to make savings on bills. Snoop says its app can save people as much as £1,500 a year on their home bills.
Ian McLaughlin, the incoming CEO of Vanquis Banking Group, said: “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.”
Vanquis Banking Group said in a statement announcing the deal that the “acquisition has minimal impact on the group’s regulatory capital.”
Investment management company Paulson & Co led a £15m Series A round into the fintech in 2021, giving it a post-money valuation of £47m.
John Natalizia, CEO of Snoop, said: “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. ”
Jayne-Anne Gadhia, who was previously the chief executive of Virgin Money, founded Snoop in 2019.
Snoop will be made available to the bank’s 1.7 million customers and its capital reserves for expansion.