If you google “how to save money on household expenses” millions of articles will pop up, with blanket statements like “reduce electricity usage”. Even though these statements may be true, they don’t provide an actionable solutions. Snoop is the AI platform that analyses users’ bills and spending patterns to generate a hyper-personalised view of how consumers can save money, can spot if you’re overpaying for services, and helps you move to a better deal – without having to leave the app. Snoop estimates it can save the average household £1.5K per year. Accompanying the personalised savings engine is a robust community where people can share money-saving tips with one another.
London TechWatch sat down with Cofounder Scott Mowbray to learn more about Snoop, the company’s future plan, and recent funding.
Who were your investors and how much did you raise?
Sir Lloyd Dorfman led the latest Snoop funding round. Existing investors, Havisham Group, led by Lord Brownlow, and Salesforce Ventures also participated.
Tell us about the product or service Snoop offers.
Snoop is a game-changing platform that uses AI and human intelligence to help overcome the loyalty penalty and put money back in people’s pockets.
The app uses secure open banking technology and a combination of human and artificial intelligence to deliver data-driven, hyper-personalised insights to help consumers avoid rip-offs and make the most of their money.
With Snoop, the average household could save around £1.5K per year!
After leaving Virgin Money, a group of us decided we wanted to do something special and something with purpose. We thought about creating a bank from scratch, but we wanted to be 100% independent, something a bank can never be.
Snoop can serve in the interests of consumers, with no agenda other than to help consumers.
How is Snoop different?
Snoop offers customers a completely personalised view of their finances, with an individual feed of ‘snoops’ showing them how to save money based on their spending and household bills. Snoop is available to everyone, but it is unique to each user as a result of the hyper-personalised nature of the platform.
What market are you targeting and how big is it?
Research shows that inertia/apathy costs consumers some £12B per year.
By helping customers to switch to better deals across their household finances, Snoop can help people put that money back in their pocket.
Price comparison sites haven’t really moved on in terms of what they do for years. I expect Snoop to be a big disruptor in this space as the app transforms the way consumers compare, find, and secure better deals across all their finances.
The revenue opportunity for open banking in the UK alone is considerable – billions. And, that’s before thinking about the vast potential that open finance will bring in terms of developing innovative products and services to meet the needs of consumers.
Why do customers choose Snoop over competitors?
Snoop’s ability to connect people with relevant and personalised money insights at exactly the right time proved extremely popular during our beta. In the first week of being live on the app stores, we doubled our customer base and that gives us huge confidence that we’re on to something with the hyper-personalisation that Snoop offers.
What’s your business model?
In one (hyphenated) word: Hyper-personalisation
What are the biggest challenges that you faced while raising capital?
The Coronavirus Pandemic could have been, but we have very supportive investors.
What factors about your business led your investors to write the check?
I’d never put words in the mouths of our investors, but I think our vision to put consumers in the driving seat and help to make them better off is compelling. The market potential is huge and having a vastly experienced team with the right proposition, energy, and ability to unlock the opportunity is an exciting prospect.
We genuinely believe that, in the future, the best experience in banking will no longer be with a bank – and the Snoop team are focused on making that a reality.
I’d never put words in the mouths of our investors, but I think our vision to put consumers in the driving seat and help to make them better off is compelling.
What are the milestones and where do you see the company going now over the near term?
You can see our roadmap on our website, and now that we’ve launched it’s all about scaling quickly. And from open banking to open finance – new features, new partners, new territories – there’s a world of opportunity and we have a team ready to grasp them.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
That’s a broad question but for me it’s about understanding what is absolutely essential, preserving cash and remembering your purpose.
What’s your favorite tourist destination in London?
Watching Liverpool beat Chelsea at Stamford Bridge. Does that count?
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