Simon Rabin (second on the left)/Chip
Savings app Chip raises over £10m on Crowdcube
Nearly half of the money raised comes from the government-backed Future Fund.
Chip’s initial target of £2m was raised solely by pre-registered investors, with £1m being raised just ten minutes after the fundraiser went live.
The fintech has since scooped up over £10.7m from just shy of 6,500 investors in only three days.
Of the £10.7m raised, £5m comes from the government-backed Future Fund, which provides companies with convertible loans from £125,000 up to £5m.
Following the closure of the round, Chip
The savings app launched the crowdfunding campaign to compliment an upcoming funding round, which AltFi understands could see the fintech valued at between £100-200m.
Since its launch in 2017, Chip has amassed over 250,000 users who have saved more than £165m through its platform.
Last week Simon Rabin, CEO and co-founder of Chip,told AltFi: “Crowdfunding has been a key part of the business to date and has enabled us to grow with our customers. It's an integral part of what we've become.”
The AI-powered savings app said customers put away 103 per cent more money under lockdown, both through its auto-save function and manual deposits, with the average monthly manual deposit leaping up 356 per cent on last year.