Automatic saving app Chip has launched a crowdfunding campaign with the goal to reach £10m.
The campaign will be run on Crowdcube and has already seen 25,000 people register their interest, making it the largest number of pre-registrations in Chip’s history.
As part of this round, Chip is also participating in the Future Fund, a government initiative, run in partnership with the British Business Bank, that will match any equity funding certain businesses raise in 2020.
If successful, Chip will use the money to grow its solutions, offer more market-leading returns, build on the revenue models, and continue ongoing discussions with VCs from a position of strength.
“We believe the most powerful way for a business to grow is to have thousands of investors advocating something they believe in,” said Simon Rabin, CEO of Chip. “Our investor community has helped us get where we are now in more ways than simply investing, so we want to offer them the chance to maintain or improve their stake in our company and share in our success going forward.
“What the last six months has validated is that there’s an enormous demand in the market for a mobile-first digitally native challenger platform for savings and investments. We’re very confident we’re going to fill that space with the tools to help people save as much as they can and give them seamless access to the best possible returns for short-term saving, long-term savings investments, and eventually pensions as well.
“We have huge ambitions for the future of Chip. We have a way to go, but I very much see our potential to be the next fintech unicorn. There is a vacancy for a category-defining savings app, and we’re going to fill it.”
Over the past year, the FinTech has grown to include 250,000 users who have saved more than £165m. Chip has also tripled the size of its team.
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