Smart savings app Chip has raised a total of £7.3 million, with £3.8 million crowdfunded by customers, and the remainder from angel investors.
Chip’s 2019 crowdfunding campaign ran for three weeks in September and is currently Crowdcube’s most participated-in crowdfund ever, with 7,182 investors. Total crowdfund investors for Chip now run to in excess of 10,000 following a previous £4 million raise on Crowdcube.
The capital will go towards scaling and improving Chip’s capacity to handle large volumes of customers, by both expanding the team and refining infrastructure. The company, which claims 150,000 customer accounts, also plans on using the funds to offer access to FSCS protected accounts, and deliver an in-app marketplace for returns products.
David Kavanagh, CTO of Chip, says: “The savings market is archaic, broken and ineffective. People want more from their savings accounts, so they are voting with their capital. Chip has raised VC-levels of funding from its users and supporters, demonstrating that what customers want is a market-changing product that is easy to use, helps them save, and offers the best possible rates in the market."