UK-based fintech Chip announced on Monday it has appointed Philip Wright as its new CFO. Chip reported that prior to joining its team, Philip was the CFO at Auto Service Finance and Babylon Health. He also leadership roles at Funding Circle (Interim Financial Operations Director) and GE Capital (Client Finance Leader – Store and Affinity Cards).
As previously reported, Chip is an app that automatically puts money aside for the user into a Chip account. The app is available on both iOS and Android. The company recently reported that it now connects to 18 UK banks. A recent Open Banking update enables savers to leverage AI to adjust by monitoring users’ spending habits and adjust the automatic saves.
Speaking about his appointment, Wright stated that he has joined the Chip at a “very exciting time” and it’s a pleasure to play a key role in shaping the company’s future. Simon Rabin, Founder and CEO of Chip, further commented:
“As we continue to navigate these uncharted waters, I’m very happy to have Phil on board, and have his wealth of experience and expertise to help us steer this ship.”
The appointment of Wright comes just a couple of weeks after Chip received approval from the Financial Conduct Authority (FCA) as an authorized payment institution. The company described the designation as a “major milestone” with the next step being the introduction of FSCS protected savings accounts. Rabin stated at the time:
“Now more than ever, we need to be agile and innovative in order to meet this demand – and this will enable us to do exactly that. Millions of people in the UK have less than £100 saved up, which leaves them exposed to financial shocks.”