.
Sky News has learnt that Snoop's founder, Dame Jayne-Anne Gadhia, is working with bankers at Rothschild on plans to raise new capital or sell the company outright. Snoop was launched in 2019 and uses so-called 'open banking' technology to track users' spending and promote ways for them to save money. Its app has been installed more than 1.2m times and generated over £1m in revenue last year, according to insiders.In 2020, Sky News revealed that it had had an approach from Moneysupermarket, although the talks failed to progress.
The identities of its latest suitors were unclear on Tuesday, and a fundraising remains a strong possibility.The company's existing investors include Paulson & Co, which at one stage ranked among Wall Street's most successful hedge funds, and individuals including Sir Lloyd Dorfman, the Travelex billionaire.A previous fundraising valued the business at £47m, but added that its rapid growth meant future rounds of funding could value the business much more richly.