31st Jul 2023 09:43
(Alliance News) - Vanquis Banking Group PLC on Monday said it acquired London-based fintech uSnoop Ltd for an undisclosed amount.
The Bradford, England-based lender said Snoop uses artifical intelligence and open banking data to help its customers save money.
Through the acquisition, Snoop will have access to Vanquis's 1.7 million customers, the bank said.
Incoming Vanquis Chief Executive Officer Ian McLaughlin said: "I am delighted Snoop is becoming part of our group and am confident that the combination of our customers and scale, with Snoop's market leading technology, will allow us to go from strength to strength."
Shares in Vanquis were down 2.7% at 124.80 pence each in London on Monday morning. Its shares are down 33% over the past five days, after coming under selling pressure at the end of last week.
On Friday, Vanquis revealed in the six months ended June 30, it swung to a pretax loss of GBP14.5 million from a profit of GBP37.3 million a year earlier.
Vanquis had said that this reflects primarily the IFRS 9 impact of strong loan book growth, together with unplanned inflation driving higher costs. Meanwhile, impairment charges more than doubled to GBP85.6 million from GBP38.5 million.
By Sabrina Penty, Alliance News reporter
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