Snoop expands money managing tool to employee benefits market

Financial management app Snoop is now entering the employee benefits market with its money management tool in a bid to bank B2B clients.

The company is aiming to make it easier for businesses to help place their employees’ financial health alongside their mental and physical health.

Snoop Plus, which was previously available as a subscription to individuals, will now be offered to businesses as well, with the aim of improving financial health for both businesses and employees.

Snoop uses open banking to connect to a customer’s bank account and give tailored insights into how customers might be able to save money.

Snoop hopes the expansion of the tool will see it become an integral part of employee benefit packages alongside the more traditional offerings of health insurance and gym memberships.

With 40 per cent of Britons expecting their finances to worsen over the next year, an issue only exacerbated by the cost-of-living crisis, this is an especially pressing issue.

“The cost-of-living crisis is a major concern for people in the UK today and we’re thrilled to be offering packages to businesses to help them make Snoop Plus available for free to their employees,” Snoop CEO John Natalizia said. 

“Given the strong link between stable financial health and productivity at work, making Snoop Plus part of employee benefits will, we believe, be a real win-win for employers and employees alike.”

In an effort to ease financial anxiety, Snoop says, the platform offers a personalised money management experience, giving users more control of their finances through data analytics.

This should help people “save money, reduce bills, cut debt, grow their savings and build financial capability and resilience”. 

The platform also provides advice on inflationary pressures in addition to breaking down how price rises will affect individuals and warning against explicit and stealth price rises.

“We’re on a mission to help improve the financial health, wealth and wellbeing of the nation,” Snoop CRO Claudia Nicholls-Magielsen said.

“Many of our customers tell us that Snoop has helped with their mental health and changed their lives for the better and Snoop Plus takes personalisation even further with money management tools able to synchronise to individual circumstances.”