London fintech platform crowdfunds £7.6m investment

A London-based savings and investments platform has opened its public growth round following £1m investment from shareholders.

The platform, Chip, has raised £7.6m from over 4,000 investors on Crowdcube far exceeding its £1m target.

The new funding is intended to allow Chip to pursue becoming a“ fintech unicorn“ and fuel growth across product, technology and marketing.

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.”

Simon continued: “But this is only the start. 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 per cent year on year to more than 400,000 people, with over £600m 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.”