Chip closes the biggest equity crowdfund ever held on Crowdcube
By Joy Dumasia
Chip, the digital savings account, has raised a total of £11.5 million from 12,954 investors, making it the biggest equity crowdfunding of the year and the biggest equity crowdfund held on Crowdcube of all time.
Chip raised £1 million in under 10 minutes and hit £8.6+ million in under 48 hours. Off the back of the crowdfund, the company added 6,500 new investors, growing its shareholder community to over 23,000 and making it the second-biggest investor community in the UK’s FinTech and one of Europe’s largest.
Chip’s largest-ever raise follows from a year of aggressive growth that saw the company increase revenues 500% and create good unit economics. FinTech’s user base grew by more than 60% to over 400,000 while the total amount of saves processed swelled to over £640 million.
The company is on a mission to build the best savings account globally and plans on using the capital to fuel growth activities across marketing, product, and technology. Chip is also looking to significantly increase the size of the team as its eyeing European expansion.
Simon Rabin, CEO and Founder of Chip, said: “We’ve been blown away by the response to our latest crowdfunding campaign. This is a huge validation of the strong position Chip is in and our ambitions to build the next FinTech unicorn. We have massive plans for the next 12 months. From a product perspective, we’re looking at more market-leading savings accounts, more investment funds, and more automatic investing. We also have aggressive growth plans across several marketing channels, as we aim to increase our user base further. It’s safe to say this is extraordinary; we’re very excited about all the incredible features we’re going to deliver, the growth this round is going to fuel, and having even more shareholders and users on board for the next stage of our journey. We’re building the best savings account in the world, and we’ve only just begun.”
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