Dame Jayne-Anne Gadhia in Advanced Talks to Sell Money-Saving App Snoop to Vanquis Banking Group

The deal could be announced in the coming weeks.

Snoop was launched in 2019 by Gadhia, a prominent British businesswoman and former chief executive of Virgin Money.

The app uses open banking technology to track users' spending and offer ways to save money, and has been downloaded by over 1.5 million people.

The app's financial performance has been unclear, but Gadhia has raised several rounds of funding, including from high-profile investors such as Paulson & Co and Sir Lloyd Dorfman.

Vanquis, formerly known as Provident Financial, is a consumer lender that specializes in subprime lending.

The company has a market value of £482 million and is trading at 189.08p per share.

Snoop received takeover interest three years ago from MoneySuperMarket, but the talks failed to progress.

Gadhia has said that Snoop can save the average British household £1,500 per year, and that there is a total saving of £12 billion for consumers who have been penalized for their loyalty and apathy.

Gadhia also recently became the chair of Moneyfarm, another UK-based fintech specializing in wealth management.

Both Snoop and Vanquis declined to comment on the potential sale.