Snoop reportedly close to closing £15m Series A
The fresh funding was allegedly provided by US hedge fund Paulson&Co.
Despite summer being well and truly in flow, fintech funding is not slowing down.
Speaking at the AltFi Festival of Finance last month, executive chairman and founder Dame Jayne-Anne Gadhia revealed that the fintech was raising a Series A, off the back of a successful £10m crowdfunding campaign, and was nearly ready to announce the news.
At the time, Gadhia also alluded to the fact that the fresh pot of cash would be used to help Snoop realise its international expansion plans, with the young fintech having already had offers from big players across Europe, the US and the Middle East.
Paulson&Co’s dominance in the US market could be a hint as to where Snoop might first put down roots abroad.
With the upcoming Series A, Gadhia also revealed that the latest pot of cash will help fund the fintech through to breakeven with its current trajectory.
Snoop is a financial management app that can help consumers save up to £1,500 per year by using open banking to look at their outgoings and see where they can find cheaper deals.
The app, spearheaded by former Virgin Money boss Gadhia, has seen more than 250,000 downloads since it first launched, three months ahead of schedule, last April.
As it stands, Snoop can see over 270m banking transactions totalling more than £32bn in customer spend, not bad for a fintech that’s just over a year old.
If the £15m Series A rumours are true, it will mean that Snoop has raised £34m to date, which includes £5m from the government-backed Future Fund.