Savings app Chip sets sights on banking licence
27 November 2017 | 6483 views | 1
Chip, an AI-powered automatic savings app, is looking to raise £2.4 million in a crowdfunding campaign to finance a banking licence application and become the "Brewdog of banking".
The Chip app connects to Brits' current accounts and then uses an AI-powered algorithm to calculate how much they can afford to save, putting the funds in an instant access savings account at Barclays.
Launched in late 2016, the service now claims 25,000 accounts, with users saving over £1 million every month.
Now the company is looking to become a savings-focussed challenger bank, turning to Crowdcube in an effort to raise £2.4 million to fund the application.
Ahead of the public campaign, app users were given an early opportunity to invest, with 1700 taking advantage to pump in £500,000 in 24 hours.
"To have so many of our customers invest in the company is a fantastic endorsement of what we’re building. There’s so much excitement around what we’re going to do next," says CEO Simon Rabin.