Chip raises £4 million for P2P push

Chip raises £4 million for P2P push

UK savings app Chip has closed a £4 million crowdfund raise as it prepares to enter the P2P lending market.

Chip uses an AI-powered algorithm to continuously calculate how much users can afford to save. The app then transfers that money automatically, every few days, into a savings account that pays up to 5% interest.

It has already grown to 75,000 accounts, processed £58m of savings and received £36m of deposits since receiving Crowdcube's third biggest ever raise at £2.4 million last year.

The new funding round, which attracted over 7000 investors, will be used to launch new products including ChipX, a P2P lending service which will give community members the opportunity to lend to other Chip savers who are overdrawn.

Other up-and-coming features in the pipeline including instant saves, transaction roundups, FSCS protection, smart goals and squad goals.

Simon Rabin, Chip’s founder and CEO says: “We believe we’re building the best savings account - one which makes stashing away money as easy as spending it. This record-breaking funding round will allow us to accelerate this, on-boarding millions more users and launching new innovative features."

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