On a mission to build the best savings account in the world, London-based digital savings account Chip has raised a total of £11.5 million from 12,954 investors, making it the biggest equity crowdfund of the year as well as the biggest equity crowdfund held on Crowdcube of all time.
As part of the record-breaking round, the fintech company raised £1 million in under 10 minutes and hit £8.6+million in under 48 hours. Off the back of the crowdfund, it added 6,500 new investors, growing its shareholder community to over 23,000 and making it the second biggest investor community in the UK’s fintech and as well as one of Europe’s largest.
The company’s largest ever raise follows on from a year of aggressive growth that saw it increase revenues 500% and create profitable unit economics. The fintech’s user base grew by more than 60% to over 400,000 while the total amount of saves processed swelled to over £640 million.
Founded in 2016, the platform is a clever app that automatically puts money aside for users, so they can save up for their goals without thinking about it. The free app uses AI to decide what to save, sending users a notification saying how much money is about to be put aside (with an option to cancel.
With the new record funding, Chip plans on using the capital to fuel growth activities across marketing, product and technology. It is also looking to significantly increase the size of the team as it eyes European expansion.
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Simon Rabin, CEO and Founder of Chip, commented: “We’ve been blown away by the response to our latest crowdfunding campaign. 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”, Simon continued. “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. It’s safe to say this is extraordinary, we’re very excited about all the incredible features we’re going to deliver, the growth this round is going to fuel, and having even more shareholders and users on board for the next stage of our journey. We’re building the best savings account in the world, and we’ve only just begun.”