Fintech app Chip completes £2.6m ‘record-breaking' crowdfund

A money-saving app has more than doubled its crowdfunding target in a ‘record-breaking’ fundraise.

Fintech firm Chip has secured £2.6m from over 4,000 investors in its Crowdcube fundraising campaign.

The company, which allows users to save money on a regular basis through its app, exceeded its £1m crowdfunding goal within hours of the campaign launch.

The new investment will be used to accelerate Chip’s growth, including the launch of an FSCS protected savings account through a partner bank, as well as to deliver new features to accommodate the changing behaviours of their savers since the beginning of the COVID-19 pandemic.

Simon Rabin, CEO and founder of Chip, said: “We’ve seen unprecedented growth during these difficult times, which demonstrates that Chip is incredibly useful for putting money aside for safety net and emergency funds.

“Off the back of this growth, we wanted to share the opportunity with our investor community, and have been overwhelmed by their response.”

Luke Lang, co-founder of Crowdcube, added: “The raise with Chip shows that, despite the bigger economic turmoil, there is still an appetite from communities and everyday investors to support startup and scaleup businesses.

“Investors see that Chip is a service that helps people manage their money and save and they want to give support to that movement.

“Chip’s growth is over and above the fintech app’s greater market growth which has seen average weekly app downloads jump 20 per cent between the end of last year and the first three months of this year.”

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