The savings platform secured £7m from over 16,500 participants in a record-breaking crowdfunding campaign.
"Securing this funding enables us to continue to build the products, tools and technology to help people achieve their goals easily – whether it’s buying a house, saving for retirement or just a rainy day. We’re blown away by the positive response to the campaign, and are very excited to have every single one of our over 16,500 new shareholders onboard as we continue to execute our mission of helping everyone save and invest for the future. Giving our community the chance to own part of the company has always been in our plan, so we are excited the day has finally arrived."
The fintech app secured backing from over 4,000 retail investors after more than doubling its initial fundraising target.
"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."
Crowdcube led the follow-on investment round, with additional backing from Insurtech Gateway, Finance Durham Fund, and the North East Development Capital Fund.
"Raising investment is one of the most challenging aspects of running a startup, and we’re delighted to have achieved this £1.2m raise with the continued support of Maven and with further investment from the crowd. We’re also thrilled to welcome Insurtech Gateway to the honcho family. As specialists in our sector they will bring an immense amount of support to honcho as we enter our next phase of growth. Insurtech Gateway’s expertise across the sector extends from technological capabilities to expertise on products and consumer acquisition, and we’re looking forward to working with them."
The Manchester-based challenger bank will deploy the capital to expand its workforce and infrastructure ahead of its scheduled market entry.
"The strength of investor response is testament to the B-North offering and the quality and efficiency of lending that we can deliver to help SMEs fulfil their potential, thereby driving the UK economy forward."
