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We hereby notify you that Chip Financial Ltd is intending to issue £3,000,000 of new shares in the capital of the Company (“New Shares”) for a subscription price of £1.036904 per share (“Subscription Price”).

  • Now over 200k Chip savers
  • 70% user growth since Oct 2019
  • Fully FCA authorised from March 2020
  • Oct 2019 share price for existing investors only
Information This is a private pitch, open to the company's existing investors only. It is therefore not necessary for Crowdcube to approve this pitch as a financial promotion. As Crowdcube has not carried out any due diligence on this pitch, the Due Diligence Charter does not apply. Investors should carry out their own due diligence and take professional advice where necessary. Investors who choose to participate in this funding round should read all available documentation before investing.

Idea

Since this pandemic gripped the UK, Chip savers’ behaviour has changed. The frequency and volume of sessions within the app have increased significantly, and continue to climb on a daily basis. In the last 3 months, Chip’s user base has increased over 40%, with levels of growth overtaking leading challenger banks. Then, just last week, Chip received full FCA authorisation. This now enables us to launch FSCS interest bearing accounts, roll out ChipX to our entire user base and generate significant revenues.

In line with our plans, we have been in active discussions with several venture capital funds to secure a £20 million investment at an expected valuation of circa £80 million. These conversations have been disrupted for the past few weeks, and we’ve taken an active decision not to engage until the peak of the crisis has passed. Whilst we do not have an agreed term sheet at this time, we are extremely confident that with the level of interest we currently have the investment will close this year at an attractive valuation - albeit later than originally anticipated.

Having spoken with many of you there is extensive support for an additional capital raise, enabling the company to seize the opportunities in front of us. In essence, with this money we won’t need to slow our plans to launch the FSCS accounts and ChipX, whilst having additional time to secure the VC investment.

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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 | A-shareholder payment page 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.