By Aisling Finn on Wednesday 16 September 2020
The campaign is set to go live on crowdfunding platform Seedrs later this week.
Dame Jayne-Anne Gadhia, founder and executive chair of Snoop, told AltFi: “We’ve had lots of customers come to us over the past few months and ask us when they can invest in Snoop, so we thought it was the right time to crowdfund.”
“The goal is £5m, but I’m not trying to set a limit. If we raised a little bit more, brilliant, or even if we raised less, we’d still be really happy,” she added.
Despite only being launched in the middle of April this year, Snoop has been downloaded 100,000 times and has 75,000 active users.
Snoop uses a mix of AI and human expertise to assess policies from over 1,000 providers to make sure its customers are getting the best deal and it could save the average household up to £1,500 per year.
The former Virgin Money boss admitted to AltFi that she and her team chose to use Seedrs for Snoop’s first crowdfunding effort, firstly, because of the success of the platform so far, but also because of Gadhia’s previous professional relationship with Seedrs CEO Jeff Kelisky.
As well as teasing the upcoming crowdfunding campaign, Gadhia also teased several new executive appointments and product launches, including Snoop for SMEs.
Gadhia told AltFi: “We plan on extending Snoop to include more insurances and mortgages and credit cards, for example.”
“And, then once we’ve filled out our consumer offering, our full intention is to focus on SMEs because we’ve had lots of small business owners come to us and say how useful it would be if they could see how to save money with their business account, not just their personal one,” she added.
Despite only being six months old, Snoop has also been named one of the top 50 fintechs in Europe by the Fintech50, previous winners of this accolade fintech giants Monzo, Revolut, Tink, PensionBee and N26.