SavvyMoney Expands Portfolio with CreditSnap Acquisition
Deal News | May 27, 2025 | Spectrum Equity
SavvyMoney, known for its financial wellness tools and personalized loan offerings, has acquired CreditSnap in a strategic move to strengthen its platform for banks and credit unions. This acquisition signifies an important development in SavvyMoney's digital-first approach, enhancing its ability to deliver seamless, integrated services across loan origination and account initiation processes. By integrating CreditSnap's technology with its demand-generation expertise, SavvyMoney aims to provide financial institutions with tools to enhance lending and deposit operations without disrupting their existing systems. The acquisition is particularly noteworthy for its potential to streamline loan applications, reduce processing times, and significantly increase loan and deposit volumes. This reflects SavvyMoney's commitment to optimizing consumer financial journeys and broadening financial accessibility through modern technology.
Sectors
- Financial Technology (Fintech)
- Banking and Financial Services
Geography
- United States – Both SavvyMoney and CreditSnap are based in the United States, and their services are primarily tailored for US banks, credit unions, and financial institutions.
Industry
- Financial Technology (Fintech) – CreditSnap and SavvyMoney operate in the fintech sector, focusing on digital solutions for loan and deposit management, integration services for banks and credit unions, and enhancing financial accessibility and efficiency.
- Banking and Financial Services – The services provided by SavvyMoney and CreditSnap directly support banking and financial institutions, emphasizing improvements in loan origination and customer financial experiences.
Financials
- 73 – Number of loan origination, core, and digital banking systems CreditSnap integrates with.
- 12 minutes to 2 minutes – Reduction in loan application time thanks to CreditSnap technology.
- 20-40% – Reported increase in loan volume by institutions using CreditSnap.
- 78% – Deposit funding rates achieved by institutions using CreditSnap's technology.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| SavvyMoney | Acquirer | Company | A leading provider of credit score solutions and financial wellness tools used by over 1,460 banks, credit unions, and fintechs across the nation. |
| CreditSnap | Target | Company | A fintech solutions provider enabling digital loan, deposit, and account onboarding integrations. |
| Spectrum Equity | PE Firm/Investor | Company | The private equity firm backing SavvyMoney in their strategic endeavors. |
| NASA Federal Credit Union | Customer | Company | A financial institution using CreditSnap solutions as referenced by their Chief Strategy Officer. |