Chip recruits ex Funding Circle finance exec as first-ever CFO

By John Reynolds on Wednesday 8 April 2020

Savings and Investment

Philip Wright will work closely with Financial Controller Wendy Yang.

 Chip recruits ex Funding Circle finance exec as first-ever CFO
Image source: Image provided by Chip

Chip, the AI-powered savings app, has appointed a former Funding Circle finance chief as its first-ever Chief Financial Officer.

Philip Wright started his role heading up Chip's finance department last week and will report into Chip CEO and founder Simon Rabin (pictured).

It marks the first time that Chip has appointed a dedicated CFO and Wright will work with Chip's Financial Controller Wendy Yang.

Wright was previously interim Financial Operations Director at Funding Circle for a short period in 2016.

He has also served as CFO at the startup Auto Service Finance and interim CFO at Babylon Health, the digital healthcare service ,as well as holding various roles at Wonga, the payday loan provider.

The appointment follows Chip, which automatically puts money aside for the customer into a Chip savings account, being granted Financial Conduct Authority (FCA) approval as an Authorised Payment Institution.

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

Wright said: “I’m very excited to join the team at Chip. They are doing some amazing things, and it’s brilliant to see how resilient the company is.”

“It’s an absolute pleasure to play a key role in shaping the future of Chip and helping build an app that can enable people to save for the rainy days, as well as the sunny ones.”

Rabin added: “It has been a turbulent time for everyone, but our savers’ response, and the influx of new savers, are strong indications that not only can Chip weather this storm, but it can also be a very helpful tool in other unexpected financial shocks in the future."

“As we continue to navigate these uncharted waters, I’m very happy to have Phil on board, and have his wealth of experience and expertise to help us steer this ship.”

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