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Successfully funded
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Convertible round
Rather than investing and immediately receiving shares, in this round payments will be transferred directly to the company and shares issued at a future date. A convertible allows a company to raise funds without having to agree a valuation. For more information please view our FAQs.
Chip's mission is to build the best saving & investments account in the world. With 250,000 savers, deposits up 110% this year, full FCA authorisation achieved in March, launch of FSCS market-leading rates, and investment funds coming soon Chip is now raising its biggest investment round to date.
- 250,000 savers across the UK
- Deposits up 110% over the last 12 months
- Market leading FSCS eligible interest rates
- Full FCA authorisation
Investment reflected on the progress bar includes match funding from the FutureFund. Please see the key terms document on the pitch for a summary of these terms.
Idea
:max_bytes(50000)/https://files-crowdcube-com.s3.amazonaws.com/files/opportunity_section_media/original/202009/b5c8a6faabf4e0ce83a4d0caac7f02ab.png "COVID has led to Chip savers saving more and the user base growing quicker through word of mouth. Chip is now one of the most popular fintechs in the UK.")
COVID has led to Chip savers saving more and the user base growing quicker through word of mouth. Chip is now one of the most popular fintechs in the UK.
:max_bytes(50000)/https://files-crowdcube-com.s3.amazonaws.com/files/opportunity_section_media/original/202009/c387e4292530b465d31d54a82163d36d.png "Chip use AI to automatically save for users based on what they can afford.")
Chip use AI to automatically save for users based on what they can afford.
:max_bytes(50000)/https://files-crowdcube-com.s3.amazonaws.com/files/opportunity_section_media/original/202009/a866f4f77164078aaadf4314c69835a5.png "Chip now offers market leading interest rates with full FSCS protection hosted at partner banks.")
Chip now offers market leading interest rates with full FSCS protection hosted at partner banks.
:max_bytes(50000)/https://files-crowdcube-com.s3.amazonaws.com/files/opportunity_section_media/original/202009/d8b8d0aa668a9e58d8ca8ec0ac7516b8.png "Chip has helped 250,000 people save for everything from holiday's to house deposits.")
Chip has helped 250,000 people save for everything from holiday's to house deposits.
In times of uncertainty, we have all become more conscious of our financial security. Since the pandemic gripped the UK earlier in the year Chip have rapidly grown their customer base and deposits, exceeding their 2020 targets already. They now have over 250,000 users, processed over £165m in savings, achieved full FCA authorisation and launched FSCS eligible interest accounts with market-leading rates.
Chip aspires to be the category-defining saving and investments platform for the mobile generation - addressing what they believe to be 100m customers and 30 trillion of assets across Europe.
They've started with autosaving and seamless access to market-leading saving accounts; now with the launch of their premium account ChipX they are evolving to investment funds, ISA’s and LISAs and ultimately pensions.
Back in 2017 Chip first invited their savers to join their journey and invest in the business. Their investor community is now among the largest in UK Fintech (11,000+) with over £11m raised to date.
In line with their cooperative approach, they’re opening up their investor community to new and existing investors to participate in this convertible round while they remain in active discussions with venture capital funds to secure a follow up investment.
