News Savings And Investment

Chip closes biggest equity funding round of the year

The fintech raised £11.5m from nearly 13,000 investors in order to launch new savings accounts, more investment funds and pay for its European expansion plans.

a group of people sitting on a bench

Simon Rabin (second on the left)/Chip.

Chip is one of the most prolific fintech crowdfunders out there and it has just closed its biggest round yet. 

Nearly 13,000 investors joined in on the round that saw Chip raise just over £11.5m—smashing through its initial target of £1m in just ten minutes and reaching £8.6m in just under 48 hours.

Through its most recent crowdfunding effort, Chip added more than 6,500 new investors to its ranks, growing its shareholder community to 23,000 and making it the second-biggest investor community in the UK fintech scene.

“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,” Simon Rabin, CEO and founder of Chip, said. 

“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.”

Rabin added that with the cash the Chip team plans to launch more savings accounts, more investment funds and build out its automatic investment features as well as “aggressive growth plans” over the next year. 

Chip is looking to expand its customer base even further and is even eyeing up European expansion thanks to the £11.5m injection.

This time last year, Chip closed a £10m crowdfunding campaign on Crowdcube, with £5m of that coming from the government-backed Future Fun.

The savings and investment app also recently teamed up with fellow fintech Allica Bank to launch a market-leading savings account.

Chip’s new savings account, which carries a (whopping) 0.70 per cent interest—compared to the market average of around 0.01 per cent.

As well as having a strong investor community,  Chip has a strong employee base too, with the fintech being named as one of the best places to work for.

A joint investigation with AltFi and Glassdoor saw fintech work environments across Europe analysed, with Chip coming in at a very respectable sixth place on the list. 

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