UK-based financial management app Snoop has launched its operations a month ahead of schedule to help people better save money amidst the coronavirus (Covid-19) lockdown.

The Snoop app is free to use app that tracks payment patterns and provides consumers with ways to save money. Initially, it was scheduled to launch in May.

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The launch follows the successful completion of a beta trial of the free app with about 5,000 users.

The app, which is regulated by the Financial Conduct Authority (FCA), uses open banking technology, to connect customer’s bank accounts and credit cards.

It helps customers cut costs by providing them with tailored insights through a mix of artificial and human intelligence.

It has been claimed that the startup, which is led by Virgin Money former chief Jayne-Anne Gadhia, will help people save an average of £1500 a year on their bills.

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Snoop CEO John Natalizia said: “It’s no exaggeration to say that we’re living in extraordinary times and I’m delighted that we’ve been able to accelerate our launch so Snoop can help consumers and households at a time when it may be needed most.”

Snoop aims to on-board three million customers in two years and will earn money from commissions.

Media reports suggest that Snoop has raised £9m for the launch and it hopes to raise more capital later this year.

Commenting on the launch, Gadhia said: “I am delighted to launch a new business in these terrible times.

“We know money is going to be tight for many in the months to come and so we’ve worked flat out to get to market as soon as humanly possible.”