Snoop, a mobile app designed to help users monitor their spending, has bagged £10m in a crowdfunding campaign on the Seedrs platform.
The company doubled its initial target for the fundraise, which it had put at £5m, after 1,713 investors backed the campaign.
Future Fund, which is an initiative from the British Business Bank, supported the crowdfunding by matching the capital raised from investors. This means the fund deployed £5m to the campaign.
Snoop helps users to manage their money and its aim is to help every household save a minimum of £1,500 a year. The mobile app looks over the user’s spending to identify ways in which they can save money.
A user connects all of their bank accounts and credit cards to the mobile app, enabling an easily way to monitor all balances and transactions. The mobile app will also watch any incoming bills and alert the user if they are spending too much or a price hike.
Snoop launched its beta in January 2020 and then launched publicly in April. Its services are available for download on the Apple Store and Google Play.
Earlier in the year, the Future Fund deployed £2m into DLT protocol developer Billon to support its growth.
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