Chip raises £7.3m in a Series A round via Crowdcube and angels to launch new services and expand its team.
The savings app secured funding via Crowdcube and angel backers to scale its operations and introduce new features.
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 £7.3m in a Series A funding round through a combination of a Crowdcube campaign and angel investors. The crowdfunding element alone brought in £3.8m, comfortably surpassing its initial £1m target in just over 50 minutes.
The capital will be deployed to expand the workforce to enhance customer service, introduce new savings rates, and launch an in-app marketplace for returns products.
This latest injection follows a period of growth for the savings app, which has processed more than £130m in transactions since its 2017 launch and recently appointed former Purplebricks CTO David Kavanagh alongside former Funding Circle Chief Compliance Officer Gerard Hurley.
From the founder
"The savings market is archaic, broken and ineffective. People want more from their savings accounts, so they are voting with their capital."
David Kavanagh
CTO at Chip
Use of funds
- 01Grow the team
- 02Continue product development
Investors
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About the company
Chip
Chip provides digital savings and automated investment services.