The former head of challenger bank Virgin Money is to set up her own fintech startup, designed to save consumers money on their household bills.
Dame Jayne-Anne Gadhia has approached several investors regarding a new company called Snoop, which will take advantage of Open Banking rules to utilise data about customers' spending habits, according to reports from Sky News.
Gadhia is said to be seeking £10m in funding, with hopes to turn the company into a so-called unicorn – a startup valued at more than $1bn (£759.9m) – within five years. Sources told Sky News that former Virgin Money finance chief Dave Dyer has joined Gadhia at the firm.
Snoop is intended to be a price comparison and brokerage tool similar to popular fintech firms Trussle, Look After My Bills and Brolly.
The startup comes in the wake of a super-complaint from Citizens Advice to the Competition and Markets Authority (CMA) last year. The CMA ruled in December that there was a so-called £4bn loyalty penalty existing within five markets, including mortgages, cash savings, household insurance and mobile phone and broadband contracts.
Gadhia served as chief executive of Virgin Moeny during the acquisition of failed bank Northern Rock from the government in 2011 and its subsequent integration into the business.
Gadhia could not be reached for comment, but told Sky News: "I learned from Richard Branson that here's nothing more exciting than setting up a new business."