Snoop, a UK-based smart money mobile app, has secured its initial £5 million funding target through its Seedrs campaign. The funding round recently made its debut and quickly attracted more than 1,070 Seedrs investors.
Founded in 2019 by Jayne-Anne Gadhia, a former executive at digital bank Virgin Money, Snoop notably combines a smart artificial intelligence (AI) platform with the human intelligence that only a social network can bring, to create an assistant who can genuinely make things better.
“Snoop watches your bills and lets you know if you’re paying too much or there’s a price hike – and looks ahead so you know what’s due in the next 7 days. Each day, Snoop creates a unique feed of money-saving ideas, 100% personalised for you and your spending. It’s like an Instagram feed for your finances. And it’s all powered by super-secure FCA-regulated Open Banking tech so it’s safe and easy to use.”
Snoop noted that it currently has three ways of generating revenue.
- Switching commission: When a customer acts on a suggestion in their Snoop feed to save themselves money, Snoop may earn a commission from the business they arrange their new product with.
- Partnership deals: Snoop partnered with a select group of at-scale businesses, enabling them to reward existing customers and reach new ones with offers through the Snoop feed.
- Direct from customer: When a customer saves money through Snoop’s recommendations, it accepts a tip as a thank you for offering these insights.
“In the next year, we plan to add two further revenue streams: introducing paid-for services based upon exciting new features; and building a new B2B revenue stream by creating data products based on our anonymised consumer spending analysis.”
The campaign is currently set to close at the end of October.
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