Snoop, the money-saving app founded by former Virgin Money boss Jayne-Anne Gadhia, has called in bankers to explore a possible sale, according to Sky News.
Snoop has enlisted Rothschild to assist with plans on a sale or new capital raise, says Sky, adding that the firm has already received several takeover approaches.
Snoop uses Open Banking technology to connect to a customer’s bank accounts and credit cards, snooping through the data to find money saving opportunities on bad deals, poor value renewals and wasteful subscriptions.
Launched in 2020, in 2021, the firm raised £15 million in Series A funding from American investment management firm Paulson & Co. Inc. It has also pulled in £10 million in a crowdfunding campaign.
The company has seen its app installed more than 1.2 million times and needs up to £10 million of new investment in order to break even, says Sky, citing sources.
In January, Gadhia became chair of digital wealth manager Moneyfarm.