Money management app Chip has closed the biggest ever equity crowdfund on Crowdcube, raising £11.5 million from 12,954 investors.
As part of the record-breaking round, Chip raised £1 million in under 10 minutes and hit £8.6+ million in under 48 hours. Off the back of the crowdfund, the company added 6,500 new investors, growing its shareholder community to over 23,000.
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: “This is a huge validation of the strong position Chip is in, and our ambitions to build the next fintech unicorn.
“We have massive plans for the next 12 months. From a product perspective, we’re looking at more market-leading savings accounts, more investment funds, and more automatic investing. We also have aggressive growth plans, across several marketing channels, as we aim to increase our user base further.”