Vanquis Banking Group has announced the acquisition of the fintech firm Snoop for an undisclosed sum.
In brief:
-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
-The deal will provide Snoop with access to Vanquis’ 1.7m customers
-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
What does this mean?
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.”
