Chip launches new investment platform with funds from BlackRock
By Megha Bhattacharya
Savings and investment platform Chip has launched the new Chip Investment Platform with funds powered by BlackRock. Chip Investments aims to offer easy and hassle-free access to investment funds and to enable users to grow their money and build a diversified investment portfolio in just a couple of taps. The platform is powered by three funds from BlackRock Consensus multi-fund range, named by Chip as BlackRock Cautious, BlackRock Balanced and BlackRock Adventurous.
Simon Rabin, CEO of Chip, commented, “We believe investing should not be about stock picking, or single-share trading, or a get-rich-quick gambling culture. With our Investment Platform we wanted to build something that offers returns over the long term, of course investors’ capital is still at risk, but we’re aiming for much less drama than you’d get with stock-market hype, like the recent GameStop stock saga. I believe that all people should have access to tools that aim to grow their wealth steadily over time; trading meme shares or buying bitcoin is not it.
“Our goal is to democratise the world of investing, so we want to offer an easy-to-use Investment Platform that makes investing simple and accessible to all. To achieve this, we are offering BlackRock’s globally diversified investment funds through the platform, which will give our users an instant portfolio with one investment. After all, they are the biggest investment manager in the world and look after more than $8 trillion of the world’s assets. The three funds we’re offering at launch are just the start. When ChipX launches later this year, we’ll bring even more funds into the app. Our goal is to change how you look at your money forever.”
The Investment Platform will be available to all Chip customers on ChipAI and, soon, ChipX plans. The investment platform fee will depend on the plan the user is on ChipAI plan: o 0.75% annual platform fee, collected monthly (£0.50 minimum monthly fee) or the ChipX plan: o 0.25% annual platform fee, collected monthly (no minimum monthly fee).
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December 06, 2022