Snappi Celebrates reaching only half its Target!
Snappi’s recent communication “counter-attack,” on the occasion of reaching 50,000 customers, could be taught in marketing seminars as the ultimate example of “creative accounting” of impressions. Behind the celebratory press releases lies a resounding failure: Piraeus Bank’s neobank is already at -50% of the official targets it had set for itself.
When, in April 2025, bank executives were speaking of 100,000 customers by the end of the year, they knew that the €70+ million investment demanded speed. Instead, Snappi closed the year with half the users, proving that the product… flopped in its initial contact with the market.
The comparison with domestic competition is relentless and revealing. payzy by COSMOTE, with a clearly more rational strategy, managed to exceed 250,000 users in less time, offering a stable application that became an everyday tool. While payzy builds a payment ecosystem, Snappi is forced to resort to demeaning and financially damaging practices. The €26 welcome bonus is not a sign of strength but a desperate attempt to “buy” a clientele to cover the holes of a product riddled with bugs and onboarding malfunctions.
For a bank where tens of millions of euros in share capital were “burned,” attracting a mere 50,000 users means that the Customer Acquisition Cost (CAC) is astronomical and unsustainable. Instead of Piraeus management issuing misleading press releases—a practice that raises serious ethical questions and is borderline problematic for a listed group—it owes an explanation.
Snappi is now a monument to mismanagement. It requires a total administrative reorganization and an honest apology to shareholders for the squandering of resources on a project that, despite the millions invested, remains digitally incomplete and strategically adrift.
