Chip raises £2.6m in a crowdfunding campaign on Crowdcube to expand product features.
The fintech app secured backing from over 4,000 retail investors after more than doubling its initial fundraising target.
Chip is a digital savings and investments platform based in London. It provides automated savings tools alongside investment features for mobile users.
Chip has secured £2.6m in a Series A follow on crowdfunding campaign hosted on Crowdcube, drawing participation from over 4,000 investors after surpassing its initial £1m target within hours. The fresh capital will support the launch of an FSCS protected savings account via a partner bank and the delivery of new features tailored to changing saver behaviours during the pandemic.
The raise highlights sustained retail appetite for high growth fintech propositions despite broader economic headwinds. Chip has experienced an acceleration in user metrics, including a 20 per cent jump in average weekly app downloads in the first quarter of the year compared to late 2019.
From the founder
"We’ve seen unprecedented growth during these difficult times, which demonstrates that Chip is incredibly useful for putting money aside for safety net and emergency funds."
Simon Rabin
CEO and Founder at Chip
Investor perspective
"The raise with Chip shows that, despite the bigger economic turmoil, there is still an appetite from communities and everyday investors to support startup and scaleup businesses."
Luke Lang
co-founder and CMO, Crowdcube
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Categories
About the company
Chip
Chip provides digital savings and automated investment services.