The price comparison site went to its young rival just after Snoop had closed its over-subscribed crowdfunding campaign. Image source: Founder and executive chair of Snoop, Dame Jayne-Anne Gadhia
MoneySuperMarket reportedly attempted to broach the subject of a takeover to fledgeling competitor Snoop, according to Sky News.
The price comparison giant allegedly approached Snoop just as the fintech was closing its £10m crowdfunding campaign.
Snoop only launched back in April, a month ahead of schedule, but has since been downloaded over 125,000 times and promises to save the average customer £1,500 per year.
Snoop uses a mix of AI and human expertise to assess policies from over 1,000 providers to make sure its customers are getting the best deal.
To date, the fintech has raised over £19m from notable investors such as Lord Brown’s Havisham Group, Travelex Founder Sir Lloyd Dorfman and Salesforce Ventures.
AltFi contacted Snoop for a comment but a spokesperson declined to provide one.
MoneySuperMarket also recently teamed up with digital banking service Revolut to help it launch its own price comparison service.
Revolut’s platform is powered by Decision Tech and the MoneySuperMarket Group and will allow customers to switch and save on their gas, electricity, broadband, mobile and TV bills.
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