Snoop App – The Key Points
- Snoop are a fully regulated UK company.
- Snoop use open banking to access your data, which is a very safe, secure and well-regulated system.
- Snoop have access to large amounts of your financial data, and they do make money by selling their customer data to 3rd parties. The data is fully anonymous, however if data security is important to you then this may concern you.
- Snoop are a recent startup in the very competitive budgeting app market. Recently other budgeting apps have either closed down (Yolt) or left the UK market (Cleo). Whilst you do not risk losing money as budgeting apps do not hold it, you do risk the time and effort of having to set up a new budgeting app if the one you are using were to close.
What Is Snoop App?
Snoop is a budgeting app made for smartphones. It uses open banking to connect to your bank (and other financial institutions such as credit card providers), so it can get details of your transactions. It then collates the data in one place on their app, so that you can use that overview to more effectively manage your finances. Snoop was launched into the competitive budgeting app market in 2020, and has received large amounts of investment.
Snoop App – The Details
Snoop are a UK company and fully regulated by the Financial Conduct Authority (FCA).
Snoop do not hold your money so there is no need for any FSCS protection or insurances.
Snoop are a budgeting app and do not offer investments or hold your money, so there is no risk to lose money.
Snoop was launched in 2020, and as such is not yet profitable, but rather funded by investment. The budgeting app market is very crowded, and some budgeting apps have closed or left the market in recent years. Time will tell whether Snoop will be able to continue and become profitable over the long term.
Snoop is a completely free app. Therefore they have to find different ways to make money. Part of this is that they make referral fees on other financial products that they recommended to their customers. However another part of their business is to sell the transaction data of their customers to third party companies. The data is fully anonymized so you can not be identified, but it is something to take into account when using the app. If this is not something you wish to do, then there are plenty of other budgeting apps who do not sell your data, but they usually charge a subscription fee.
Snoop use open banking to access your financial data. Open banking is a very safe and well regulated system, and Snoop will never have any access to your banking login details. Snoop state that they use fully encrypted bank level security to protect your data.
Is Snoop App Legit?
Snoop is a properly regulated UK company. As part of their business model they do sell your data, but this is anonymous, and they use open banking which is very safe.