UK fintech Snoop reportedly mulling sale
UK-based fintech Snoop, which offers a money saving app powered by open banking, is reportedly considering a sale after receiving a number of approaches about a potential takeover.
Snoop founder Jayne-Anne Gadhia is reportedly considering a sale
According to Sky News, Snoop’s founder and executive chair Jayne-Anne Gadhia is in talks with independent financial advisory group Rothschild to either raise new funds or potentially sell the business.
Founded in 2019 and launched in 2020, Snoop uses open banking technology to help consumers manage and save their money by providing personalised insights on their spending. In August 2021, it received £15 million in Series A funding at a valuation of £47 million, following a £10 million crowdfunding round on Seedrs in 2020.
Sky News says that while the identities of the interested parties remain unknown, it is not the first time the start-up has received takeover interest. In 2020, it reported that MoneySuperMarket had approached Snoop, although the talks did not lead to a sale.
On reaching out, Snoop tells FinTech Futures: “We’re undertaking a planned fundraising process to take us through to profitability. We’ve had significant interest in the business and we’re exploring all our options.”
