Savings app Chip gets FCA authorisation

Chip, the AI-powered savings app, has today been approved by the Financial Conduct Authority (FCA) as an Authorised Payment Institution.

The news comes just after several new features were launched to accommodate Chip’s growing number of customers.

The savings app is now also supported by 18 UK banks, including challenger banks Metro Bank,Monzo and Revolut.

Chip says it has also undergone an ‘AI makeover’ to enhance how its systems learn about savings patterns, meaning that the more you use Chip, the smarter it becomes.

As a result of the current economic downturn caused by the coronavirus, the savings app has also introduced “contingency plans to keep operating no matter what happens in the coming months.”

Simon Rabin,Chip’s CEO, said: “ Over the last few days, we have had a spike in saver numbers as well as savers putting money aside for safety net funds.” 

“Now more than ever, we need to be agile and innovative in order to meet this demand - and this will enable us to do exactly that.”

Since it was founded in 2017, Chip has helped 250,000 save over £100m, with the average Chip customer saving £1,800 per year.

The fintech said the next step is to now work towards an FSCS protected savings account through its banking partners.