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Snoop acquired by Vanquis Banking Group

Wednesday 2 August 2023 15:33 CET | News

Vanquis Banking Group, a UK-based specialist bank, has announced the acquisition of fintech uSnoop Limited (Snoop) to improve financial management capabilities.

Founded in 2020, Snoop is known for its consumer-centric approach, providing personalised insights to help users gain a comprehensive understanding of their finances and learn to effectively manage them. The Snoop app leverages AI technology and utilises Open Banking data to help individuals save on household bills and targets savings of up to GBP 1.500 per year for its customers. Beyond serving individuals, Snoop also helps businesses in understanding emerging consumer spending trends through in-depth analysis of customer spending habits as well as transactions on its platform, therefore providing businesses with insights about their customer base.  

The acquisition is considered to provide Snoop with significant scale, as it gains access to Vanquis Banking Group’s extensive 1.7 million customers. These customers will also have the opportunity to benefit from the Snoop app, improving their financial management capabilities. Additionally, the acquisition will provide Snoop with capital to advance its growth and expansion.

For Vanquis Banking Group, this marks as an important step forward in their track as a specialist bank. By bringing money management and a savings app into its customer proposition, Vanquis is able to comprehensively cater to the needs of its client base.

Vanquis Banking Group, a UK-based specialist bank, has announced the acquisition of fintech uSnoop Limited (Snoop) to improve financial management capabilities.

Recent updates and announcements from Snoop

In October 2022, Snoop partnered with Tink, a Europe-based Open Banking platform, to offer customers personalised insights into how they can cut their bills, grow savings, and pay debt. Working together with Tink meant that they could provide contextual money-saving insights and deliver a personalised, fast, and accurate customer experience. Earlier in 2022, Snoop passed one million customers and had planned to start 2023 by expanding into the employee benefits market. 

In September 2022, Snoop joined forces with PensionBee, a UK-based online-only pension provider. This partnership aimed to provide consumers with the necessary tools to manage their finances and gain a clear understanding of their complete financial position through Open Banking integrations with UK-based money apps. Some of the tools included pension calculators, personalised money-saving tips, setting up contributions, and seeing projected retirement income.

In April 2022, Snoop entered the employee benefits market to attract B2B clients. The company’s main was to make it easier for businesses to help place their employee’s financial health next to their mental and physical health. Snoop Plus, which was previously only available to individuals, would also be offered to businesses, with the aim of improving money management for both businesses and employees.

More about Vanquis Banking Group

Vanquis Banking Group is a specialist bank focused on the near-prime and mid-cost credit markets. They cater to UK customers, providing responsible lending and tailored financial products and services. They also focus on supporting people who lack access to credit from mainstream banks, with the purpose of improving financial resilience and protecting against the rising cost of living. Vanquis Banking Group offers credit cards, loans, and now personalised financial insights through Snoop.

Source: Link


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Keywords: fintech, Open Banking, merger, acquisition, personal finance management
Categories: Banking & Fintech
Companies: Snoop, Vanquis Banking Group
Countries: United Kingdom
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Snoop

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