Friday 25 October 2019 3:26 pm

Tory donor acquires stake in former Virgin Money chief's fintech startup Snoop

A Conservative Party donor has acquired a stake in the technology business of former Virgin Money chief executive Dame Jayne-Anne Gadhia.

Lord Brownlow’s investment vehicle, Havisham assets, has bought a £5m share in Snoop according to Sky News, alongside Salesforce Ventures, which Jayne-Anne recently joined as UK and Ireland chief.

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Brownlow was ennobled in Theresa May’s resignation honours list earlier this year.

The purpose of Snoop is to exploit open banking, which allows consumers to utilise their personal data to generate savings from utilities and other service providers.

It means customers will no longer have to deal with the hassle of finding better deals on their bills, mortgage, insurance and so on, because Snoop will automatically transfer them one becomes available based on the consumer’s habits.

A source who had seen the company’s business plan told Sky News: “Snoop can plug into banking without being a bank and be the interface of financial affairs across multiple accounts, can be 100% independent and can work in the best interests of the customer.”

Snoop is the latest UK startup to receive funding from Salesforce, which now totals around 300. Others include GoGardless, Onfido and education technology business WhiteHat.

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Snoop has been designed in conjunction with other ex-Virgin Money personnel including former chief financial office Dave Dyer, who have all contributed to the seed funding.

It is expected to launch early next year and has already attracted wide interest, with insider predictions estimating 3m customers will come on board fairly quickly.

A spokesperson for Snoop confirmed Salesforce Ventures investment.