By Aisling Finn on Thursday 5 November 2020
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.
John Natalizia, CEO of Snoop, said: “We’ve made great strides since we launched in April and we’re thrilled with the support from customers in the crowdfund.”
“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.