# Vanquis Banking Group acquires money-saving fintech uSnoop Limited

- Link: https://www.directorstalkinterviews.com/vanquis-banking-group-acquires-money-saving-fintech-usnoop-limited/4121124398
- Published: 2023-07-31T07:32:07+01:00
- Author: Jacob Brown

**Vanquis Banking Group plc** (LON:VANQ), a leading specialist bank, has announced
the acquisition of the award-winning, market-leading, money-saving fintech uSnoop
Limited.

Snoop provides its customers with personalised insights to help them better understand
and manage their finances. The Snoop app uses AI and open banking data to help people
save on household bills and targets savings of up to £1,500 per year for customers.
Snoop also helps businesses understand emerging consumer spending trends by analysing
customer spending habits and transactions on its platform, enabling businesses to
be better informed about their customers.

The acquisition will provide Snoop with significant scale, allowing access to Vanquis
Banking Group’s 1.7 million customers who will benefit from the app, as well as 
with capital to grow the Snoop proposition. This acquisition marks an important 
step for Vanquis as a leading specialist bank, bringing a market-leading, money 
management and saving app into its customer proposition.

> **Ian McLaughlin, Incoming Chief Executive Officer, Vanquis Banking Group commented:**
> “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.”

> **John Natalizia, Chief Executive Officer, Snoop commented:**
> “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”.

The acquisition has minimal impact on the Group’s regulatory capital.

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