Vanquis Banking Group acquires Dame Jane-Anne Gadhia’s fintech AI app Snoop
Vanquis Banking Group has announced the acquisition of the fintech firm Snoop for an undisclosed sum.
Snoop, founded by Dame Jayne-Anne Gadhia in 2019, provides its customers with “personalised insights” by using AI and open banking data to help them manage their finances.
Gadhia was formerly boss of Virgin Money and lead the government’s 2016 review into female representation in the City. She launched Snoop in order to help customers save on household bills. At its latest funding round it was valued at £47m, according to reports.
The deal will provide Snoop with access to Vanquis’ 1.7m customers. Vanquis said the deal marks an “important step” by bringing a money management app into its customer proposition.
Ian McLaughlin, incoming chief executive of Vanquis 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,” he continued.
Vanquis, previously known as Provident Financial, has faced a difficult few years after it withdrew its high-cost consumer credit arm, including its doorstep lending division, in 2021. It now specialises in credit cards and personal loans.
Last week, the Bradford-based lender reported a loss of £14.5m in the first half of the year, swung from a profit of £46.9m the year before. Over the course of the year its shares are down 45 per cent.
John Natalizia, chief executive of Snoop said: “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.”