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161%
Raised
£968,540
Investors
2873
Target
£600,000
Equity
16.79%
Pre-money valuation
£4,800,000

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.

  • Processed £6.7m of savings since launch, and grown to 25k accounts
  • Founded by tech veterans with past exits
  • Featured by BBC, MoneySavingExpert, The Guardian, & The FT
  • Backed by the founder of Dial-a-Phone & an owner of West Ham United

Idea

November 2017 - Chip reached no. 2 in the Appstore finance chart
November 2017 - Chip reached no. 2 in the Appstore finance chart
Chip has been featured in BBC, The Guardian, Daily Mail, Mail on Sunday, Sunday Times, Metro, Glamour, Evening Standard, The FT, TechCrunch... and many, many more.
Chip has been featured in BBC, The Guardian, Daily Mail, Mail on Sunday, Sunday Times, Metro, Glamour, Evening Standard, The FT, TechCrunch... and many, many more.
Featured and in the brand new iOS11 Appstore
Featured and in the brand new iOS11 Appstore
256-bit bank-level encryption and real-time​ live chat customer support.
256-bit bank-level encryption and real-time​ live chat customer support.
Building the best savings account in the world.
Building the best savings account in the world.
Chips user onboarding leverages a chat bot interface to get over 43% user conversion.
Chips user onboarding leverages a chat bot interface to get over 43% user conversion.
Chip talks to you about your goals and gives calculations on how long it will take to save up for anything.
Chip talks to you about your goals and gives calculations on how long it will take to save up for anything.

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 Saves are automatically transferred to Chip where they are put towards goals, withdrawn, or used to reduce borrowing.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.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Chip has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.