Chip is the AI-powered automatic savings account built to revolutionise how people save & spend their money. Since launch, they’ve processed £6.7m, analysed over 10 million transactions and had 25,000 people open an account.
The average UK adult saves 1.7% of their income, whilst spending 3.7% on debt interest payments. We’ve built an intelligent savings account that helps you save more of your money and spend less of it on overdraft and credit card fees.
Chip's proprietary AI connects to your current account and analyses transactions. Then every few days, calculates what you can afford to save based on recent spending. Saves are automatically transferred to Chip where they are put towards goals, withdrawn, or used to reduce borrowing.
In just 10 months we’ve processed £6.7m of savings, had 25,000 people open accounts with Chip, analysed approximately 10 million transactions, have £2.4m on deposit and approximately £40m of consumer credit to optimise.
Open Banking, which all UK banks are required to adopt by 13th Jan 2018, presents an enormous opportunity for Chip. Until now banks and credit card companies have monopolised this data to maximise their profits.
2018 will see Chip launch it’s plugin overdraft feature, empowering consumers with their own data to reduce borrowing costs and maximise their savings. By the end of 2020, Chip plans to have 500k active savers, £500m saved and over £1.4bn of borrowing reduced to the lowest possible cost.
The management believes exit options will likely come through acquisition by a bank or price comparison site, disposal to private equity or a public listing.