Fintech startup Snoop, launched by ex-Virgin Money boss Dame Jayne-Anne Gadhia, has won approval from the UK’s financial watchdog to handle customer data, a key step in the company’s ambitions.
Snoop is an app that pledges to use consumer’s financial data to deliver “personalised insights to help consumers avoid rip-offs and make the most of their money,” automatically transferring them to better deals when they become available.
It was co-founded by Gadhia, who is now chief executive of Salesforce’s UK division, with the backing of various other ex-Virgin Money executives. It is expected to launch next year.
The approval from the Financial Conduct Authority (FCA) to allow Snoop to operate as an “information service provider” means the startup can receive financial data from banks, providing key information about customers’ accounts.
Scott Mowbray, a co-founder at Snoop alongside Gadhia, said: “Now that we’ve got regulatory approval from the FCA we can move towards executing our launch plans.
“We’ve already got thousands of people signed up and waiting for the first version of Snoop and we will now prepare the ground for our closed group beta in the New Year before rolling out Snoop to everyone.”
Snoop said its app will be available on iPhones and Android devices next year.
The start-up was given a boost last month when Conservative donor and peer Lord Brownlow acquired a stake.
Lord Brownlow’s investment vehicle, Havisham Assets, bought a £5m share in Snoop.
Snoop also received funding from Salesforce Ventures, the corporate investment group of the company Gadhia chairs.
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