Vanquis buys fintech firm Snoop

Vanquis Banking Group said on Monday that it has bought money-saving fintech Snoop for an undisclosed sum.

Snoop provides its customers with personalised insights to help them better understand and manage their finances. The Snoop app uses AI and open banking data to help people save on household bills and targets savings of up to £1,500 per year for customers.

Vanquis said Snoop also helps businesses understand emerging consumer spending trends by analysing customer spending habits and transactions on its platform.

It said the deal will provide Snoop with "significant" scale, allowing access to Vanquis’ 1.7 million customers who will benefit from the app, as well as with capital to grow the Snoop proposition.

Ian McLaughlin, incoming chief executive officer of Vanquis, said: "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.

"I am delighted Snoop is becoming part of our group and am confident that the combination of our customers and scale, with Snoop's market leading technology, will allow us to go from strength to strength."