Money management app Chip wants to raise £100 million over the next 24 months, beginning with a crowdfunding round on Crowdcube.
The company has opened pre-registration for the upcoming Crowdcube campaign. The company saw over 25,000 people register their interest for its previous round in September 2020, raising a total of £10.7 million from the crowd and the government-backed Future Fund.
In the past year, Chip has grown revenues by 500% and achieved positive growth margins for the first time in August 2021. New product launches, such as easy access savings accounts and investment funds have attracted 400,000 customers, swelling average user balances to £2,961.03 in September 2021
Simon Rabin, CEO and founder of Chip, comments: “We have ambitions to take Chip global, and this round is the start of an aggressive growth stage as we work towards becoming the UK's first fintech savings unicorn.
“Far too often companies focus on short-term profitability which I think is a massive mistake. Our goal at Chip is to build the best savings app in the world, and it's not something you achieve overnight. We made immense progress in the past year and now plan on building upon it, aggressively.”