Bradford-based Vanquis Banking Group acquires money-saving fintech uSnoop Limited
The Snoop app uses AI (artificial intelligence) and data to help people save money on household bills and targets savings of up to £1,500 per year for customers. Snoop also helps businesses understand emerging consumer spending trends by analysing customer spending habits and transactions on its platform.
In a statement, Bradford-based Vanquis said: “The acquisition will provide Snoop with significant scale, allowing access to Vanquis Banking Group’s 1.7m customers who will benefit from the app, as well as with capital to grow the Snoop proposition. This acquisition marks an important step for Vanquis as a leading specialist bank, bringing a market-leading, money management and saving app into its customer proposition.”
Advertisement
Hide AdAdvertisement
Hide AdIan McLaughlin, the incoming chief executive of Vanquis Banking Group commented: “Vanquis Banking Group is uniquely positioned to become the leading lender to underserved consumers. 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.”
John Natalizia, chief executive officer of Snoop commented: “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.
“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”.