Vanquis Banking Group scoops up money-saving fintech Snoop

Vanquis Banking Group has acquired financial management fintech Snoop.

Founded by former Virgin Money CEO Dame Jayne-Anne Gadhia in 2019, Snoop uses AI and open banking data to help consumers manage their finances.

Through the acquisition, Vanquis’ 1.7 million customers will now have access to Snoop and its money-saving insights.

“Snoop’s technology will enable the Group to provide a differentiated proposition to its customers with tools enabling them to manage their finances better and save them money,” incoming Vanquis CEO Ian McLaughlin said.

“I am delighted Snoop is becoming part of our Group and am confident that the combination of our customers and scale, with Snoop’s market leading technology, will allow us to go from strength to strength.”

Vanquis described bringing the saving app into its offering as an “important step” for it as a specialist bank.

The Snoop app aims to save customers up to £1,500 per year and helps business customers monitor consumer spending trends to better understand their customers.

“Snoop’s ambition is to make everyone better off, and we believe that personalisation is the most powerful way to empower people to take control of their finances and make a real difference to their spending habits,” Snoop CEO John Natalizia said.

“Our cutting-edge technology, which leverages open banking, allows us to do just that. Today's announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow”.