Norwich money-saving app firm now worth £47m just two years after launching
- Credit: Snoop
A Norwich tech start-up which launched less than two years ago has now been valued at £47m following its latest investment round.
Snoop is a money management app which helps people spend and save through personalised insights.
The app aims to save the average user £1,500 per year.
The team, who are all former VirginMoney bosses, have now secured a further £15m from American investment management firm, Paulson & Co.
This brings the company's post-money valuation to £47 million.
The business was launched in April 2020 by Dame Jayne-Anne Gadhia, the former CEO of Virgin Money.
She said: “I’m delighted that Paulson has invested in the Snoop proposition, team and ambition, and that they – like us – view open banking as a major growth opportunity within the financial sector.
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"We’re building a business with unstoppable momentum and this investment from a global financial heavyweight is a massive vote of confidence. It will play a key part in realising Snoop’s ambition to become a global leader, synonymous with open banking and smart money management.”
The app works through an open banking platform, which analyses spend across an individual's account to give maximum insight.
Users can view all their financial arrangements in one place, get a daily feed of smart spending tips and weekly spending reviews.
The app also highlights bad deals, poor value renewals and wasteful subscriptions, which cost consumers in the UK around £12 billion every year.
The app, having collated all of these factors, then suggests and simplifies switch and save methods for users..
Andrew Hoine, partner at Paulson, added: “We view open banking as a major global market opportunity and Snoop has positioned itself to capitalise on this technology in a way that will allow the business to thrive and become an essential part of the way that we all manage our finances.”