The Board of Vanquis Banking Group plc, a specialist bank, is pleased to announce the acquisition of the money-saving fintech Snoop Limited.
Snoop provides its customers with personalized insights “to help them better understand and manage their finances.”
The Snoop app uses AI and open banking data “to help people save 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 “analyzing customer spending habits and transactions on its platform, enabling businesses to be better informed about their customers.”
The acquisition will provide Snoop with significant scale, “allowing access to Vanquis Banking Group’s 1.7 million 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 specialist bank, bringing a money management and saving app into its customer proposition.
Ian McLaughlin, Incoming Chief Executive Officer, 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. 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.”
John Natalizia, Chief Executive Officer, 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.”
The acquisition has minimal impact “on the Group’s regulatory capital.”
