Chip, the digital savings account, launches the crowd component of its Growth Round, as it eyes aggressive growth and international expansion. The Crowdcube campaign initially launched privately to select shareholders, reaching £1 million in under ten minutes, and is now open to the crowd.
The company, on a mission to build the best savings account in the world, is raising its biggest ever investment round from institutions and the crowd. The new round of funding will enable Chip to pursue its ambition of becoming a fintech unicorn and, in a more immediate future, fuel growth across product, technology and marketing.
Chip is one of Europe’s most successfully crowdfunded companies and has one of the largest shareholder communities in the UK’s fintech, with over 17,000 investors. As the round opens to the crowd, the fintech expects to welcome even more new shareholders to its community.
Simon Rabin, CEO and Founder of Chip, commented: “I believe there’s nothing stopping us from becoming Europe’s next fintech unicorn. We’re saving more people more money, we’re bringing them all the best savings rates with FSCS-eligible accounts, we’re offering seamless access to investment funds powered by BlackRock, and as a consequence of this amazing product, we’re seeing our revenues skyrocket.”
“But this is only the start”, Simon added, “The next 12 months will bring more market-leading savings and investment products. Our next focus is going to be growing our user base. We’re starting from a strong foundation; we’ve already grown our user base 60% YoY to more than 400,000 people, with over £600 million saved to date. Now, we want to take things up a gear, with aggressive growth plans across several marketing channels.”
“This is exactly what this round will help us achieve, and I’m thrilled to give more people an opportunity to join our shareholder community and build the best savings account in the world together.”
Matt Cooper, Chief Commercial Officer at Crowdcube said, “We have always been very aligned with Chip’s approach to community building and involving their users as shareholders. They have been progressive and forward-thinking when it comes to equity ownership. They have consistently delivered some of the most oversubscribed crowdfunding rounds ever. This round looks set to be no different!”