Money Management app Chip opened its crowdfunding round to the general public Thursday and managed to crash Crowdcube's servers as the cash rolled in, hitting £7 million from an initial target of £1 million.
The Crowdcube campaign initially launched privately to select shareholders, reaching £1 million in under ten minutes. Chip racked up a further £6 million from 17,000 investors by mid-day Thursday after opening to the crowd.
The company last 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: “I believe there's nothing stopping us from becoming Europe's next fintech unicorn. We're saving more people more money, we're bringing them all the best savings rates with FSCS-eligible accounts, we’re offering seamless access to investment funds powered by BlackRock, and as a consequence of this amazing product, we're seeing our revenues skyrocket. Now, we want to take things up a gear, with aggressive growth plans across several marketing channels.”