Snoop Acquisition

Vanquis Banking Group PLC

31 July 2023

 

Vanquis Banking Group

Snoop Acquisition

31 July 2023

The Board of Vanquis Banking Group plc (the "Group"), a leading specialist bank, is pleased to announce the acquisition of the award-winning, market-leading, money-saving fintech uSnoop Limited ("Snoop").

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. Snoop also helps businesses understand emerging consumer spending trends by analysing customer spending habits and transactions on its platform, enabling businesses to be better informed about their customers.

The acquisition will provide Snoop with significant scale, allowing access to Vanquis Banking Group's 1.7 million customers who will benefit from the app, as well as with capital to grow the Snoop proposition. This acquisition marks an important step for Vanquis as a leading specialist bank, bringing a market-leading, money management and saving app into its customer proposition.

Ian McLaughlin, Incoming Chief Executive Officer, Vanquis Banking Group commented:

"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."

John Natalizia, Chief Executive Officer, Snoop commented:

"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. Today's announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow".

The acquisition has minimal impact on the Group's regulatory capital.

Enquiries:
Analysts and shareholders:
Richard Illingworth, Vanquis Banking Group				07553 486378
[e-mail]
Media:
Nick Cosgrove/Simone Selzer, Brunswick [e-mail]				0207 4045959

Notes to Editors:

Snoop Information:

·      Powered by Open Banking, Snoop is an award-winning consumer focused business that helps people spend, save and live smarter.

·      The Snoop platform provides data-driven, personalised insights ('Snoops') to help consumers find their biggest money saving opportunities.

·      Since its public launch in April 2020, Snoop has won numerous awards including Best Consumer App in the Open Banking Expo Awards 2021 and 2022, Innovation of the Year at The British Bank Awards 2021, three Webby Awards, Best Open Banking Solution at the Fintech Futures Banking Tech Awards, and Financial Services Company of the year at the British Data Awards 2022.

·      Snoop is free to use. There is a premium version, Snoop Plus, which provides enhanced money management features to customers for a monthly fee of £4.99 or an annual fee of £31.99.

·      Snoop is part of the 2025 Fintech Pledge which brings together the fintech industry and strategic partners to help UK consumers build up their financial resilience and better protect against the rising cost of living.

·      For more information about Snoop, please visit: https://www.snoop.app/.

 

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