British banking company Vanquis Banking Group has recently announced its acquisition of the money-saving fintech uSnoop (Snoop).

The deal, finalised for an undisclosed price, positions Vanquis to tap into Snoop’s innovative technologies and services.

Headquartered in London, Snoop is engaged in providing personalised insights to its customers, empowering them to gain a deeper understanding of their finances and manage their money more effectively.

By utilising artificial intelligence (AI) and open banking data, the Snoop app identifies opportunities for cost savings on household bills, with a target of up to £1,500 in annual savings for its users.

Additionally, Snoop has also made its mark in the business realm, analysing customer spending habits and transactions to offer valuable insights into emerging consumer spending trends for companies on its platform.

The strategic acquisition is set to propel Snoop to greater heights by granting access to Vanquis Banking Group’s extensive customer base, comprising approximately 1.7 million clients. These customers will now have the opportunity to benefit from Snoop’s money management and saving app.

Moreover, with the infusion of capital from Vanquis, Snoop is poised to expand its offerings and enhance its proposition in the market.

Snoop CEO John Natalizia 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.”

For Vanquis, this acquisition represents a critical step forward as a leading specialist bank, bolstering its customer proposition with a market-leading money-saving and financial management application.

Vanquis Banking Group incoming CEO Ian McLaughlin said: “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.

“I am delighted Snoop is becoming part of our Group and am confident that the combination of our customers and scale, with Snoop’s market leading technology, will allow us to go from strength to strength.”

In light of the acquisition, Vanquis Banking Group has assured stakeholders that the deal will have minimal impact on its regulatory capital, indicating a well-considered and prudent approach to the strategic partnership with Snoop.

As the financial landscape continues to evolve, this collaboration is likely to shape the future of money management and savings services for both individuals and businesses alike.