Money management app Snoop raises £15m to fuel expansion

UK-based money management app Snoop has raised £15m ($20.87m) in Series A funding round to support global expansion.

The company secured the funding from American investment management firm Paulson & Co.

The fundraising values the start-up £47m.

Based in Norwich, Snoop app leverages open banking and analytics to provide financial insights to users. It was founded by Virgin Money chief Jayne-Anne Gadhia.

According to news reports, the company aims to help an average household save around £1,500 annually.

Particularly, the app tracks payment patterns and provides consumers with ways to save money. The app is regulated by the Financial Conduct Authority (FCA).

Snoop started its operations in April last year amid the Covid-19 lockdown.

In December last year, Snoop raised £10m through a crowdfunding round.

The company will use the new funding to support product development and distribution. A portion of the funding will also be used to accelerate global expansion.

Snoop has already identified the US as a key market for expansion.

At the time of launch, 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.”