Chip announces its biggest ever growth round goes public to the crowd

By Joy Dumasia

Chip, the digital savings account, launches the crowd component of its Growth Round as it eyes aggressive growth and international expansion. The Crowdcube campaign initially launched privately to select shareholders, reaching £1 million in under ten minutes, and is now open to the crowd.

On a mission to build the best savings account globally, the company is raising its biggest ever investment round from institutions and the crowd. The new round of funding will enable Chip to pursue its ambition of becoming a FinTech unicorn and fuel growth across product, technology, and marketing in a more immediate future.

Chip is one of Europe’s most successfully crowdfunded companies and has one of the largest shareholder communities in the UK’s FinTech, with over 17,000 investors. As the round opens to the crowd, FinTech expects to welcome even more new shareholders to its community.

Simon Rabin, CEO and Founder of Chip, commented: “I believe there’s nothing stopping us from becoming Europe’s next FinTech unicorn. We’re saving more people more money, we’re bringing them all the best savings rates with FSCS-eligible accounts, we’re offering seamless access to investment funds powered by BlackRock, and as a consequence of this amazing product, we’re seeing our revenues skyrocket.”

“But this is only the start”, Simon continued. “The next 12 months will bring more market-leading savings and investment products. Our next focus is going to be growing our user base. We’re starting from a strong foundation; we’ve already grown our user base 60% YoY to more than 400,000 people, with over £600 million saved to date. Now, we want to take things up a gear, with aggressive growth plans across several marketing channels.”

Recently, IBS Intelligence reported that Chip, the digital savings app, has launched new savings account offering 0.70% interest, easy access and Financial Services Compensation Scheme (FSCS) protection, placing the new account at the very top of the savings tables.