Money-saving app Snoop has launched ahead of schedule in an effort to help consumers hit by the impact of COVID-19 cut costs. The app, founded and led by former Virgin Money boss Jayne-Anne Gadhia, uses open banking technology to connect to a customer’s bank account and credit cards and analyse the data to identify areas were costs might be cut. Snoop claims that the average household could save about £1,500 per year.

After a successful beta with over 5,000 customers, London and Norwich-based Fintech, Snoop,  brought forward its launch.

Regulated by the Financial Conduct Authority, the Snoop platform was due to launch in May 2020. In light of the significant economic uncertainty caused by the coronavirus pandemic, the business has brought forward its launch plans to help consumers and households manage through the lockdown period and beyond.

Jayne-Anne Gadhia, Executive Chair at Snoop said “The coronavirus pandemic has been a gamechanger for everyone. We know money is going to be tight for many in the months to come and so we’ve worked flat out to get to market as soon as humanly possible.”

“Snoop offers a unique service to customers – a completely personalised view of their finances, with an individual feed of ‘Snoops’ showing them how to save money based on their spending. Customers no longer need to trawl through bank statements and detailed money-saving websites looking for ways to save. Everything they need to take charge of their money is now in the palm of their hand.”

“As we watched both the economic and social consequences of the lockdown unfold, we asked our small army of beta customers, ‘what else can Snoop do to help?’. They not only shared with us smart ways to save money – but also clever ways to home-school and entertain the kids, tips for working from home, and smart solutions to help the local community. All of this clever content from our community can now be found in the app, tailored to those it can help the most.”

“At its core, Snoop is about putting people in charge of their data and helping everyone make the most of their money. It’s great to know that at heart however, the platform can be so much more than that and I’m delighted we can get started and use our technology to help at a difficult time.”

John Natalizia, CEO at Snoop said“Snoop’s ability to connect people with relevant and personalised money insights at exactly the right time has proved extremely popular with our first 5,000 customers beta-testing the app. It’s no exaggeration to say that we’re living in extraordinary times and I’m delighted that we’ve been able to accelerate our launch so Snoop can help consumers and households at a time when it may be needed most.”

Through a custom-engineered machine learning model, Snoop is able to work out exactly how much a consumer is spending on their utilities, household bills and financial services, and pinpoint their biggest money saving opportunities to ensure they never miss out.