Fintech Friday: Snoop – tackling the £12 billion ‘loyalty penalty’
Efma's Boris Plantier spoke with Dame Jayne-Anne Gadhia, Founder and CEO of Snoop, about how the app aims to use data to help make everyone better off and the fintechs crowdfund.
What led to the creation of Snoop?
I’ve always been interested in using technology to make peoples’ lives easier and entrepreneurship and new businesses have always been in my blood. When I left Virgin Money after the CYBG acquisition back in 2018, I did think about creating a bank from scratch, but I knew deep down that a proposition based on secure open banking technology, rather than traditional banking, could be a gamechanger. It would allow us to operate in the best interests of our customers and be a proper consumer champion.
Along with a small group of former colleagues, we sketched out the vision and purpose for the business. We call it ‘EBO’ which stands for our ambition to make everyone better off. We then set about working out how we’d go about doing it – all from my kitchen table and various coffee shops around London and Norwich!
The result is Snoop, an app that uses secure open banking technology and a combination of human and artificial intelligence to deliver data-driven, hyper-personalized insights to help consumers avoid rip-offs and make the most of their money. We want to use technology and data to help people overcome the so-called £12 billion ‘loyalty penalty’ and we estimate that the average household could save around £1,500 per year with Snoop on their phone.
I’ve been delighted with the progress we’ve made so far in achieving over 100,000 downloads and being named one of Europe’s top financial technology firms within five months of launch has certainly exceeded our expectations.
Could you present Snoop's offer?
Snoop works 24/7, looking over your spending and spotting clever ways you can save. It connects your bank accounts and credit cards to the app so you can see all your balances and transactions together. Snoop watches your bills and lets you know if you’re paying too much or there’s a price hike – and looks ahead so you know what’s due in the next 7 days. Each day, the app creates a unique feed of money-saving ideas, 100% personalized for you and your spending. You can think of it like an Instagram feed for your finances. And it’s all powered by super-secure FCA-regulated Open Banking tech so it’s safe and easy to use.
It is our combination of cutting-edge energy, mobile, and broadband comparison technology and custom-engineered machine learning model within the app, that makes Snoop a hyper-personalized experience and makes it super relevant, practical, and useful in the everyday lives of people.
We believe that by combining the best capability of the neo-banks, money management, price comparison websites, switching services, cashback sites and money saving services into one app – we can deliver something uniquely useful and better for consumers.
What's coming next for Snoop?
We’re currently crowdfunding on the Seedrs platform and our customers helped us smash our £5 million target in less than a week. It’s a great way of everyone being able to share in the success of the business and the opportunity to invest is now open to the general public.
With this round of funding we will continue our exciting development plans, so we can bring more features, functionality and benefits to customers. We will increase our range of switching services to save customers even more money. Enhance our data analytics capabilities to present more complex insights and spending profiles. Expand our product team to enable faster app design and development. And we will expand our commercial team to uplift and expand revenue-generating streams and partnerships.
One of the biggest benefits of open banking is the huge market we’re playing into. Over 25 million people use their mobile to manage their money and Snoop can plug into 50 banks, deliver consumers a better experience, and save them lots of money. As a result, in the years to come I genuinely believe that the best experience in banking will no longer be with a bank. And from open banking to open finance - new features, new partners, new territories – there’s a world of opportunity and we have a team ready to grasp it.