Chip has secured its first institutional investment, with the venture capital unit of UK TV station Channel 4 pumping £6 million into the digital wealth app at a £208 million valuation.
Established in 2017, Chip now claims more than 400,000 active customers for its app that helps users save and invest, with £6 billion assets under management.
Until now, the firm has relied on crowdfunding campaigns to raise tens of millions of pounds. The deal with Channel 4 Ventures (C4V) not only brings in funds but also puts "our brand in front of millions of people across the nation," via TV exposure, says Chip.
Following the C4V deal, Chip is now working with Crowdcube to give current retail investors a private window to invest and ensure that their holdings are not diluted ahead of another public crowdfunding campaign.
In addition, Chip and Crowdcube are introducing an annual sale register window so that investors can sell a portion of their shares earlier than planned. The register will be managed by Crowdcube and will act as a shopfront where sellers and potential buyers can be matched.