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Successfully funded
overfunded
Chip
380%
Raised
£3,807,590
Investors
6535
Target
£1,000,000
Equity
20.90%
Pre-money valuation
£14,400,000

Chip is on a mission to build the best savings account in the world. With rapid growth to 75,000 accounts, £58m of savings processed and £36m of deposits since receiving Crowdcube's 3rd ever biggest raise in terms of investors last year, we continue to target the €10trn European savings market.

  • 75,000 accounts, £36m in deposits which are now growing at £5m a month
  • Plans to launch ChipX community lending - January 2019
  • OpenBanking connections to Monzo, Starling & Revolut
  • Featured by MoneySavingExpert, BBC, TheGuardian, The FT & Independent

Idea

The average UK adult saves only 1.7% of their income, earns less than 1% on savings, but spends 3.54% of income paying interest on overdrafts, credit cards, and loans.

Chip connects to your current account, saves automatically, provides the best possible returns and can reduce the cost of borrowing.

Since launch Chip has grown rapidly to 75,000 users, processed over £58m of saves, has £36m of deposits & is connected to accounts with £130m of outstanding debt.

Following their Angel funding (Crowdcube's 3rd most popular investment of all time by investor number), together with their investor community they've built new features, created strong viral growth, and now plans to start lending as an appointed representative with ChipX.

From January 2019 ChipX offers returns of up to 8% powering Chip's community lending. OpenBanking and Chip's AI algorithms empower consumers to earn better returns by eliminating the bank's margins.

Funding is required to onboard the waiting list & roll out all new features including instant saves, transaction roundups, FSCS protection, base interest of 1.5%, smart goals, squad goals, save matches and the best returns possible with ChipX.

In the next 4 years, Chip projects 1.5m users and £2.2bn of deposits. Investors expect to well exceed this modest target and substantially disrupt the European 10 trillion savings market.

Disclosure: The company has loans

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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.