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Vanquis Banking Group has announced that it has acquired fintech firm Snoop for an undisclosed sum.
Snoop provides customers with personalised insights using AI and open banking data to manage their finances. The deal will give Snoop access to Vanquis’ 1.7 million customers.
Ian McLaughlin, Incoming Chief Executive Officer, Vanquis Banking Group said “Vanquis Banking Group is uniquely positioned to become the leading lender to underserved consumers. Snoop’s technology will enable the Group to provide a differentiated proposition to its customers with tools enabling them to manage their finances better and save them money. I am delighted Snoop is becoming part of our Group and am confident that the combination of our customers and scale, with Snoop’s market leading technology, will allow us to go from strength to strength.”
John Natalizia, Chief Executive Officer, Snoop said “Snoop’s ambition is to make everyone better off, and we believe that personalisation is the most powerful way to empower people to take control of their finances and make a real difference to their spending habits. Our cutting-edge technology, which leverages Open Banking, allows us to do just that. Today’s announcement strengthens our purpose, and Vanquis Banking Group is the perfect partner to help the business grow”.