Chip secures £10.7m via Crowdcube and the Future Fund to scale its savings platform
The company completed the largest convertible round in UK crowdfunding history in under 48 hours.
Chip is a digital savings and investments platform based in London. It provides automated savings tools alongside investment features for mobile users.
London-based savings app Chip has raised £10.7m via Crowdcube and the government-backed Future Fund. The capital injection arrived in under 48 hours with participation from 6,420 investors, setting a record for the largest convertible round in UK crowdfunding history. The company previously surpassed its annual growth targets, processing over £165m in savings and securing full FCA authorisation.
The newly secured funds will be directed towards infrastructure improvements, team expansion, and the development of new products such as ChipX, investment funds, ISAs, LISAs, and pensions. Chief Executive Officer Simon Rabin noted that the funding provides a strong platform to address the broader European savings market.
From the founder
"This round means big things for Chip. The growth we’ve seen this year has been incredible, but it’s time to take the business to the next level. Right now we are presented with a huge opportunity to capture a slice of Europe’s €30 trillion savings market that’s ripe for disruption, and Chip is poised ready to accelerate and dominate this space as a market-defining savings and wealth management app."
Simon Rabin
CEO and Founder at Chip
Use of funds
- 01Build out infrastructure
- 02Continue product development
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About the company
Chip
Chip provides digital savings and automated investment services.