Snoop closes £10m crowdfunding effort with help from the Future Fund
The six-month-old fintech has raised £19m to date following its crowdfunding effort.
Financial management app Snoop has closed its first crowdfunding effort after raising over £10m from more than 1,700 investors.
The crowdfunding campaign, which was launched on crowdfunding platform Seedrs back in September, was launched in conjunction with the government-backed Future Fund, which added £5m to the total effort.
Just before the crowdfunding effort went live, founder and executive chair of Snoop Dame Jayne-Anne Gadhia told AltFi: “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.”
Snoop smashed its initial target of £5m within a few days of first launching the campaign, with the remaining £5m coming from the fintech friendly Future Fund.
“We will now accelerate development of the platform, broaden our smart money-saving services and continue to scale the business.”
Following Snoop’s launch back in April, a month ahead of schedule owing to the Covid-19 pandemic, it has since been downloaded over 125,000 times and hopes to save each customer roughly £1,500 per year through its AI-powered platform.
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.
To date, the fintech has raised over £19m from notable investors such as Lord Brown’s Havisham Group, Travelex Founder Sir Lloyd Dorfman and Salesforce Ventures.