Chip, a London, UK-based fintech startup, raised £2.575m in crowd-equity funding.
4,240 people supported the company via Crowdcube.
The company intends to use the funds to further accelerate its growth, including the launch of an FSCS protected savings account through a partner bank, as well as to deliver new features to accommodate the changing behaviours of their savers since the beginning of the pandemic.
Led by Simon Rabin, CEO and founder, Chip provides an app that automatically saves up money for users. The free app, available on iOS and Android, uses AI to decide what to save, sends users a notification saying how much money they’re about to put aside (with an option to cancel), and then automatically transfers it into the Chip account. Chip has over 10,000 shareholders from previous funding rounds with Crowdcube and has over 250,000 downloads. In March, they received full FCA authorisation which enables them to launch FSCS interest bearing accounts and roll out ChipX to their entire user base.
FinSMEs
25/04/2020