Tink and Snoop team up to help UK consumers tackle cost of living

October 13, 2022

Tink, European open banking platform, has partnered with money saving app Snoop to help UK customers save money on bills.

Founded in 2012 in Stockholm, Tink strives to enable banks, FinTechs and startups to develop data-driven financial services.

The partnership will see Tink and Snoop work together to provide UK consumers with personalised money management tools, designed to help them tackle the cost-of-living crisis.

Snoop is a free app that helps customers cut their bills and control their finances. The app recently passed one million downloads.

Tink said that the platform empowers people to use their own data as a powerful force to save money and take control of their finances. In helping consumers navigate the very serious challenges presented by the cost-of-living crisis the collaboration is showcasing the significant benefits that open banking technology has enabled.

John Natalizia, co-founder and CEO at Snoop, said, “Consumers are already having a terrible time of it right now and, with interest rates going through the roof from all-time lows, people with mortgages and debts are facing a very real credit crunch over the coming months. Our aim is for Snoop to be an essential resource for everyone looking to navigate these turbulent times. Working together with Tink means we can provide contextual money-saving insights and deliver a personalised, fast and accurate customer experience.”

Tom Pope, head of payments and platforms at Tink, added, “With inflation at its highest in over forty years, services like Snoop are invaluable as the cost of living continues to soar. By providing proactive money management insights, through data that shows consumers where they can save — this is a collaboration that is demonstrating the real-world value of open banking.”

Recently, Tink partnered with FinTech platform Ayden, to bolster the offering of open banking-powered payments.

Also earlier this year, the company released a survey that revealed 68% of UK lenders have tightened affordability criteria since the pandemic. However, there are still blind spots in credit assessments. As a result, Tink claimed people have been denied access to borrowing unnecessarily.