AI-powered automatic savings account mobile app, Chip, is set to close its latest equity crowdfunding campaign on Crowdcube with more than £3.9 million secured. The funding round was launched at the end of September and quickly secured its initial £1 million funding target. Chip is offering 9.60% in equity at a £36,786,000 pre-money valuation.
As previously reported, Chip is a savings app that is designed to help users save money and feel good about it. The automatic savings app does all the hard work to make saving money as easy as spending it. The company reports that its services connect to current accounts, saves automatically, provide what it claims to be the best possible returns and may reduce the cost of borrowing.
“Chip connects to your current account, saves automatically and provides the best possible return. The average UK adult saves only 1.7% of their income, earns less than 1% on savings, but spends 3.54% of income paying interest on overdrafts, credit cards, and loans.”
Since its debut in 2017, Chip now has 153,000 users, processed over £130 million in saves and offered market-leading interest rates. The company also revealed:
“Following their last funding round (previously Crowdcube’s most popular investment of all time by number of investors), together with their investor community they’ve rolled out a new version of the app, doubled the user base, quadrupled the team and have 50,000 people in the queue for their returns platform ChipX.”
Funds from the latest Crowdcube round will be used to double the Chip team and expand ChipX in the €10 trillion European savings market and beyond. The campaign is set to close later this evening.
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