Chip selects Seccl to power investment platform launch
By Megha Bhattacharya
Savings app Chip announced that it has selected the custodian and investment technology provider Seccl in a bid to boost the launch of its investment platform. Chip’s investment platform is expected to provide users with affordable access to financial markets. Seccl will act as custodian and ISA manager for the new investment proposition, safeguarding users’ cash and assets, while its API will also handle the trading and settling of investments – allowing users to create and fund accounts, before routing orders to the market.
Simon Rabin, Founder and CEO of Chip, commented, “I can see a lot of similarities between Chip and Seccl when it comes to our approach to building products – we are both ambitious, agile and nimble. Things can move very slowly in the world of finance, but we were determined to bring our customers investment products as soon as possible to answer their need for more democratised wealth-building tools – all without compromising on customer experience and value proposition. Seccl’s technology has allowed us to do exactly that and will further enable us to expand our Investment Platform offering in the future.”
According to Chip, the platform will be launched in April 2021 and will add to its suite of wealth-building tools. Recently, FinTech Chip has launched Chip+1, a savings vehicle aiming to be the highest-returning account in the country, promising a variable best return of 1.25 per cent. The account offers users the return on savings up to £5,000 – however, users can only unlock access by either inviting a plus one or by being someone else’s invitee. Chip savers can share their VIP passcode with as many people as they want, but only the first person to sign up using the passcode will become the ‘+1’ and get access to the new account, along with the user who originally invited them.
Dan Marsh, Head of Customer at Seccl, added, “Traditional technology has tended to make launching a new investment proposition slow and expensive – two traits that go against everything that Chip stands for as an energetic, empowering and fast-moving fintech. We’re delighted that our API has helped to break down these barriers to entry, by supporting Chip in getting to market fast – and are really excited to be powering what we’re sure will be a massively valuable platform for Chip’s fast-growing user base.”
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