The listed price comparison site Moneysupermarket has made a tentative approach to swallow up one of its newest competitors – the money-saving app set up by former Virgin Money chief Dame Jayne-Anne Gadhia.
Sky News has learnt that Moneysupermarket.com Group contacted Snoop in recent weeks to enquire about a possible takeover.
A source close to Moneysupermarket said it had indicated a price that it was prepared to offer, although it is understood that it is no longer in active discussions with Snoop.
The approach came as Dame Jayne-Anne was finalising a £10m crowdfunding for her new venture, which she claims can save the average British household £1,500-a-year.
Snoop, which launched in April, has since been downloaded more than 125,000 times.
In total, it has raised £19m from investors, with notable backers including the former hedge fund executive Pierre Legrange, the Travelex founder Sir Lloyd Dorfman and Salesforce Ventures.
Snoop uses machine-learning to track consumers’ bills and spending patterns, using the data to provide money-saving tips.
The app is designed to exploit the era of open banking, a new framework that enables consumers to utilise their personal data to generate savings from utilities and other service providers.
Dame Jayne-Anne, who was recently named as the chair of HM Revenue & Customs, believes there is a £12bn total saving for consumers penalised for their loyalty and apathy.
Moneysupermarket and Snoop declined to comment on Sunday.