Sir Lloyd Dorfman, Havisham Group and Salesforce Ventures invest in the app aiming to save households £1,500 per year
Snoop doubles customer base in first week of launch
London and Norwich-based start-up Snoop has announced that it has closed its last funding round ahead of a planned Series A later this year.
Sir Lloyd Dorfman led the latest round. Existing investors, Havisham Group, led by Lord Brownlow, and Salesforce Ventures also participated.
After a successful beta with over 5,000 customers, Snoop launched to the general public on 17 April and doubled its customer base in less than a week.
The app harnesses the power of the crowd and uses a combination of human and artificial intelligence to deliver data-driven, hyper-personalised insights to help consumers avoid rip-offs and make the most of their money. The average household could save around £1,500 per year1.
Dame Jayne-Anne Gadhia, Executive Chair of Snoop said: “I’m delighted that Sir Lloyd Dorfman, the Havisham Group and Salesforce Ventures have invested in the Snoop proposition, team and ambition. With Snoop, everything has been designed to give consumers control and convenience, put money back in their pocket, improve their banking experience and make their lives easier. We only launched to the general public a little over a week ago and the take-up has significantly exceeded our expectations. This provides me with great confidence as we move towards Series A later this year.”
Sir Lloyd Dorfman CBE added: “Snoop’s vision to put consumers in the driving seat is compelling. The market potential is huge and having a vastly experienced team with the right proposition, energy and ability to unlock the opportunity is an exciting prospect. Household finances were under pressure even before the coronavirus and we look forward to helping the Snoop team scale rapidly to assist consumers in making the most of what they’ve got. In the years to come I genuinely believe that the best experience in banking will no longer be with a bank – and the Snoop team are focused on making that a reality.”
Lord Brownlow, Founder of the Havisham Group said: “My investment company Havisham Group has been involved with Snoop, Dame Jayne-Anne Gadhia and the team since ‘Day One’. I’m delighted that we have just completed our third investment in this money saving and money organising app which helps the consumers who download it to manage their finances and save money”.
Snoop is regulated by the Financial Conduct Authority and connects to a customer’s current account and credit cards through Open Banking. The company will use new funding to make key hires, grow its engineering teams, and scale quickly.