By Aisling Finn on Wednesday 29 April 2020
The fintech only launched earlier in April, a month ahead of schedule, and has already doubled its customer base.
It has been less than two weeks since the launch of financial management app, Snoop, and today the fledgeling fintech has revealed that it has closed a £3.2m funding round.
In November 2019 Gadhia was appointed UK and Ireland CEO of Salesforce after stepping down as CEO of Virgin Money following seven years at the helm of Richard Branson’s company.
The platform was launched a month ahead of schedule after completing a beta testing round with 5,000 customers and has already doubled its customer base, executive chair of Snoop Dame Jayne-Anne Gadhia said the growth had “exceeded our expectations.”
The platform uses a mix of AI and human expertise, it says, to assess policies from over 1,000 providers to make sure its customers are getting the best deal.
Dame Jayne-Anne Gadhia, the former CEO of Virgin Money and executive chair of Snoop, said: “With Snoop, everything has been designed to give consumers control and convenience, put money back in their pocket, improve their banking experience and make their lives easier.”
Sir Lloyd Dorfman CBE, lead investor in the funding round and founder of Travelex, added: “Household finances were under pressure even before the coronavirus and we look forward to helping the Snoop team scale rapidly to assist consumers in making the most of what they’ve got.”
“In the years to come I genuinely believe that the best experience in banking will no longer be with a bank – and the Snoop team are focused on making that a reality.”
Snoop also confirmed that it is planning to launch a Series A funding round later on this year.