Ashcombe advises Snoop on its Series A funding round
Ashcombe is pleased to announce that is has advised Snoop on its recent Series A funding round which was led by Paulson & Co. Inc. The financing follows a £10m round in December 2020, which was the second largest crowdfunding in Europe that year.
Snoop was launched in April 2020 by former Virgin Money CEO Dame Jayne-Anne Gadhia. The award-winning app uses open banking and advanced analytics to provide customers with data-driven, personalized insights (“snoops”) that give them the opportunity to save the most at the right time. Users can view all their financial arrangements in one place and get a daily feed of smart spending tips and weekly spending reviews. Snoop is connected to more than 50 banks and has already processed 300 million bank transactions worth £32 billion per day in the second year.
Dame Jayne-Anne Gadhia, Snoop’s executive chair, Snoop’s Executive Chair, said:
“I’m delighted that Paulson has invested in the Snoop proposition, team and ambition, and that they – like us – view open banking as a major growth opportunity within the financial sector. We’re building a business with unstoppable momentum and this investment from a global financial heavyweight is a massive vote of confidence. It will play a key part in realising Snoop’s ambition to become a global leader, synonymous with open banking and smart money management.“
Andreas Wesemann and Adrian Hobcroft, Partners at Ashcombe, commented:
“We have had a long relationship with Jayne-Anne and her team, and are delighted to have been able to work with Snoop on this transaction. Open banking is a major global market opportunity and we are confident Snoop will be a leading protagonist in this space. We are very much looking forward to working with the company and its shareholders in the future.”