Vanquis Banking Group has announced its acquisition of money-saving FinTech Snoop.

Snoop’s app generates personalised insights aimed at helping its users to better understand and manage their finances while also using AI to analyse Open Banking data to further assist users in realising cost savings on their household bills.

Vanquis said the buyout, which will provide Snoop with “significant scale” and give it access to Vanquis Banking Group’s 1.7 million customers, marks an important step for Vanquis in bringing a leading money management and savings app into its customer proposition.

“Vanquis Banking Group is uniquely positioned to become the leading lender to underserved consumers,” said Vanquis’ incoming chief executive Ian McLaughlin. “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.”

The app is also designed to help businesses understand emerging consumer spending trends by analysing customer spending habits and transactions on its platform.

Snoop chief executive John Natalizia said the acquisition with Vanquis “strengthens” the company’s purpose and will help to grow its business.

“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,” he added.

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