Snoop raised £10m through a crowdfunding campaign in 2020. Credit: Toa Heftiba on Unsplash.

UK-based money-saving fintech Snoop is weighing a sale after receiving multiple unsolicited takeover offers, reported SkyNews. 

Snoop’s founder and former boss of Virgin Money Dame Jayne-Anne Gadhia has roped in bankers at Rothschild to help it raise funds or sell the fintech. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Set up in 2019, the Norwich-based fintech leverages open banking technology and analytics to track consumer spending and assist them in saving money.

Around 1.2 million users have downloaded the app, which brought in over £1m in revenue last year, the publication said, citing sources.

In 2020, Snoop was approached by Moneysupermarket, but a deal did not materialise. 

Details of the interested parties were not immediately known and fundraising is highly likely. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

A source close to Snoop told the publication that the fintech does not need over £10m in investment to break even. 

Investment management company Paulson, as well as individuals such as Lloyd Dorfman, the founder of Travelex, are among the company’s current investors.

“We’re exploring all options including strategic investment or sale. We’ve already had significant interest in the business, we have a very strong proposition and importantly we can demonstrate a clear path to growth and profitability,” a Snoop spokesperson told the publication. 

In August 2021, Snoop raised £15m in a Series A funding round that valued the start-up at £47m.

Prior to that, Snoop raised £10m through a crowdfunding campaign.