London-based fintech Chip raises €11.5 million in 48 hours via Crowdcube and the Future Fund
Summary
Chip, the automatic saving app offering access to market-leading returns, has raised a total of €11.5 million from the crowd and the government-backed Future Fund, as part of the company’s series A round. The app is free, and uses AI to decide what to save, sending users a notification saying how much money is about to be put aside (with an option to cancel). Prior to closing its biggest investment round to date, the company had grown to nearly 280,000 registered users, and tripled the size of the team. This investment will be used to fuel Chip’s growth, continue ongoing discussions with venture capital firms from a position of strength and build on the revenue models. Right now we are presented with a huge opportunity to capture a slice of Europe’s €30 trillion savings market that’s ripe for disruption, and Chip is poised ready to accelerate and dominate this space as a market-defining savings and wealth management app.” “In conjunction with the Future Fund, the UK government’s initiative backing tech startups, we’ve been able to welcome thousands more savers into our investor community and become the largest crowdfunded Future Fund round in the country.
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