Fintech raising funds
Gadhia ready to launch £5m crowdfund for Snoop
Jayne-Anne Gadhia: ‘it was the right time’
Financial management app Snoop, chaired by former Virgin Money boss Jayne-Anne Gadhia, is about to launch a £5m crowdfunding campaign on Seedrs, according to a trade source.
The app has been downloaded 100,000 times and has 75,000 active users just five months after launch.
It uses artificial intelligence and open banking data to help consumers save money on bills and day-to-day spending.
Dame Jayne-Anne told the fintech website AltFi: “We’ve had lots of customers come to us over the past few months and ask us when they can invest in Snoop, so we thought it was the right time to crowdfund.”
“The goal is £5m, but I’m not trying to set a limit. If we raised a little bit more, brilliant, or even if we raised less, we’d still be really happy.”
She said she chose to use Seedrs for Snoop’s first crowdfunding effort partly because of her previous professional relationship with Seedrs CEO Jeff Kelisky.
She has also revealed plans to extend the platform from a consumer service to serving SMEs.
“We’ve had lots of small business owners come to us and say how useful it would be if they could see how to save money with their business account,” she said.
Snoop raised £3.2 million in April ahead of what a Series A round this year. It was not clear if this remains the plan.
Travelex founder and serial entrepreneur Lloyd Dorfman led the last round, with existing investors Havisham Group and Salesforce Ventures also participating.
After a successful beta testing phase with over 5,000 customers, Snoop launched to the general public on 17 April and doubled its customer base in less than a week.
The startup is regulated by the Financial Conduct Authority. It is backed by a team of more than 20, most of whom joined her when CYBG, the owner of Clydesdale bank, bought Virgin Money for £1.7bn two years ago.
Just days before the launch, Dame Jayne-Anne admitted she was unsettled after leaving Virgin Money which she led to a flotation.
She joined the Bank of England’s financial policy committee but gave up the role before it started, after being installed as the UK chief executive of the US software firm Salesforce.
But that was also short-lived. Within six months, she resigned from the role, saying it was more like being a “super sales director of our UK business within the matrix of a fantastically successful US company”.