Update: Money Saving Mobile App Snoop Set to close Seedrs Campaign With Nearly £5.7 Million Raised

 

Snoop, a UK-based smart money mobile app, is set to close its equity crowdfunding campaign on Seedrs with nearly £5.7 million raised. The funding round launched last month and originally sought to raise £5 million. It has so far attracted more than 1400 Seedrs investors.

As previously reported, 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 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.

Snoop added:

“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.”

Snoop’s campaign is now offering a 20% discount and 50% of the campaign’s funds were raised from the Future Fund. The investment round is set to close at the end of this week.


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