Funding for app
Dame Jayne-Anne backed by Wall Street investor
Jayne-Anne Gadhia: raising funds
Former Virgin Money chief Dame Jayne-Anne Gadhia is raising £15 million for her money-saving app Snoop from Wall Street investment firm Paulson & Co.
John Paulson established the firm during the 1990s and will be backing Dame Jayne-Anne, who is executive chairman of Snoop.
The app is aimed at consumers and small firms and was downloaded more than 100,000 times in the first months after Snoop raised £3.2 million in April last year ahead of a crowdfunding exercise and Series A funding which Paulson’s investment will meet. Downloads have now hit 300,000.
The total funding to date amounts to around £30m and is expected to give it a valuation of £47m, according to Sky News, though this will rise as further finance is injected into the business.
In its short existence Snoop has already fended off one tentative bid approach – from comparison site Moneysupermarket.
Travelex founder and serial entrepreneur Lloyd Dorfman led the previous round, with existing investors Havisham Group and Salesforce Ventures also participating.
Snoop is regulated by the Financial Conduct Authority and 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 three years ago.