25 February 2018
Visit www.capgemini.com/worldreports

Savings app Chip sets sights on banking licence

27 November 2017  |  6483 views  |  1 Hipster teens with phone

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.

Comments: (1)

Sammy May
Sammy May - Finance - London | 29 November, 2017, 17:33

I have been now using Chip for a few weeks and its been great.
Very easy to save...

If anyone wants to use my referral code, it’s : Q0BQMT

Using this we both get 1% interest each .
Thank you so much if you use this code

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Chip ships millennial savings app

Chip ships millennial savings app

05 October 2016  |  8442 views  |  1 comments | 16 tweets | 3 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comvisit www.swift.com/your-needs/instant-paymentsvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
12157 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10492 views 4 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8878 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8327 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7946 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission
London, UK

Find your next job