UK-based money management app Snoop has raised £15m ($20.87m) in Series A funding round to support global expansion.
The company secured the funding from American investment management firm Paulson & Co.
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The fundraising values the start-up £47m.
Based in Norwich, Snoop app leverages open banking and analytics to provide financial insights to users. It was founded by Virgin Money chief Jayne-Anne Gadhia.
According to news reports, the company aims to help an average household save around £1,500 annually.
Particularly, the app tracks payment patterns and provides consumers with ways to save money. The app is regulated by the Financial Conduct Authority (FCA).
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By GlobalDataSnoop started its operations in April last year amid the Covid-19 lockdown.
In December last year, Snoop raised £10m through a crowdfunding round.
The company will use the new funding to support product development and distribution. A portion of the funding will also be used to accelerate global expansion.
Snoop has already identified the US as a key market for expansion.
At the time of launch, Snoop CEO John Natalizia said: “It’s no exaggeration to say that we’re living in extraordinary times and I’m delighted that we’ve been able to accelerate our launch so Snoop can help consumers and households at a time when it may be needed most.”
