Chip, a London, UK-based automatic saving app, raised a total of £10.7m from the crowd and the government-backed Future Fund, as part of the company’s series A round.
The crowd amount was raised in under 48 hours from 6,420 investors via Crowdcube.
The company intends to use the funds to accelerate growth, to improve the infrastructure and capacity to give access to more deposits, launch their premium account, ChipX, and evolve to investment funds, ISAs and LISAs and pensions.
Led by Chief Executive Officer Simon Rabin, Chip is an app that automatically puts money aside for people, so they can save up for their goals without thinking about it. The free app, available on iOS and Android, uses AI to decide what to save, sends users a notification saying how much money they are about to put aside (with an option to cancel). An e-wallet is opened on customers’ behalf with our trusted partner, Prepaid Financial Services Limited.