Specialist lender Vanquis has acquired Snoop, a fintech which offers customers personalised insights into their finances.
Vanquis, which also offers fixed term savings accounts, plans to provide the app to its customers.
Snoop draws on open banking data, using AI to analyse where people could be saving money, aiming to help them save £1500 per year. The fintech has long argued that banks could be offering a similar service.
Ian McLaughlin, Incoming Chief Executive Officer, Vanquis Banking Group said that the merger would combine his firm’s customers and scale with “Snoop’s market-leading technology”.
“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.”
John Natalizia, Chief Executive Officer, Snoop said: “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”.