Dame Jayne-Anne Gadhia/Snoop
Consumers are most interested in the price of groceries under lockdown, says Snoop
Snoop’s customers are also looking for hints and tips on how to keep their kids occupied during lockdown.
Financial management platform Snoop only launched three weeks ago, a month ahead of schedule, and has already seen customer trends emerging, as well as requests for ideas on how to keep kids entertained under lockdown
The fintech, spearheaded by former Virgin Money Boss Dame Jayne-Anne Gadhia,doubled its customer base and closed a £3.2m funding round all within the first two weeks since its launch.
Snoop, which has been given the regulatory nod by the Financial Conduct Authority (FCA), uses open banking to connect to a customers’ bank accounts and give tailored insights into how customers might be able to save money.
The platform uses a mix of AI and human expertise, it says, to assess deals for home insurance to entertainment from over 1,000 providers to make sure its customers are getting the best deal.
Gadhia told AltFi this week that one of the most popular comparisons Snoop currently offers is for supermarket prices.
“People are very focused on the price of their groceries, it’s the one trend that my team are telling me that we get many people a day thanking us for pointing out that this item is cheaper in Tesco, and Sainsbury's or wherever,” Gadhia told AltFi.
Snoop’s customers are also looking to use more sustainable products and services.
Feedback from users has found “they'd rather pay a bit extra if they knew that they're using a business that was more ecologically and environmentally friendly.”
As well as offering financial management advice, Snoop allows users to share their own tips and knowledge, with one of the most sought-after ‘Snoops’ being how to entertain your kids during lockdown according to Gadhia.
The engineering team at Snoop reviews and updates the app’s code every two weeks so there is a constant stream of new features and tweaks.
Soon customers will be able to see daily balance updates and a look-ahead at the coming week, where customers can see what their account balances will look like after their regular transactions.