Moneysaving app Snoop is considering selling up after receiving a number of unsolicited takeover approaches, according to reports.
Sky News revealed that Jayne-Anne Gadhia, Snoop’s founder, is working with Rothschild & Co on plans to raise fresh capital or sell the company outright.
The London and Norwich-based FinTech uses Open Banking APIs to connect to a customer’s bank accounts and credit cards.
A source told the news website that Snoop required “no more than £10 million” in new investment to break even.
Sky News previously reported that Snoop had a takeover approach from Moneysupermarket in 2020, but talks did not progress.
A Snoop spokesperson confirmed to Sky News that options being explored by the company included strategic investment or sale.
They said: “We've already had significant interest in the business, we have a very strong proposition and importantly we can demonstrate a clear path to growth and profitability."
Snoop launched in early 2020, ahead of schedule following a successful beta phase with over 5,000 customers and securing authorisation from the Financial Conduct Authority.
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