AI-powered savings app set for growth with £7.3m fundraise

An AI-powered app that helps users to save money has announced it is raising £7.3m to boost its expansion plans.

Savings app Chip has announced it is raising the funds in order to drive growth, with £3.8m from crowdfunding and the remainder from angel investors.

The free app, available on iOS and Android, uses AI to decide what users should save, and automatically transfers funds into a savings account.

The funds raised will be used to scale operations and enhance Chip’s capacity to handle large volumes of customers, by both expanding the team and refining its infrastructure.

In addition, the firm hopes to launch market-leading savings rates as well as develop an in-app marketplace for returns products.

Simon Rabin, CEO of Chip, commented: “The most powerful way for Chip to grow is to have thousands of investors advocating for the product they believe in. It’s amazing to have this many Chip savers as investors in the company.

“We’ve proven there’s a big demand for Chip, and we’re ready to scale - we’re going to use our investment to grow and deliver a product that will fill a huge gap in the market.

David Kavanagh, CTO of Chip, added: “The savings market is archaic, broken and ineffective. People want more from their savings accounts, so they are voting with their capital.

“Chip has raised VC-levels of funding from its users and supporters, demonstrating that what customers want is a market-changing product that is easy to use, helps them save, and offers the best possible rates in the market.

“It’s an incredibly exciting time for the company and I’m delighted to have joined it as such a pivotal stage. I look forward to working with the team at Chip to help set a new standard for savings apps.”