Chip Reports Strong Interest in Forthcoming Crowdcube Offering

Chip, a savings app, is reporting solid interest in its forthcoming securities offering on Crowdcube. Accordging to a release, Chip has seen approximately 25,000 individuals pre-register on the upcoming funding round. Chip says this investment interest follows a summer of record growth for the Fintech.

Chip adds that it intends on raising a total of £10 million when it launches its offering on Crowdcube later this week. Chip says it already has an 11,000-strong investor community from previous crowdfunding rounds.

Chip is also participating in the Future Fund program, a matching initiative offered in partnership with the British Business Bank which may provide equity funding for certain businesses.

Chip’s Chief Executive Officer, Simon Rabin, commented on the registrations:

“We believe the most powerful way for a business to grow is to have thousands of investors advocating something they believe in. Our investor community has helped us get where we are now in more ways than simply investing, so we want to offer them the chance to maintain or improve their stake in our company and share in our success going forward.”

Rabin said that in the past 6 months his company has validated the demand for a “mobile-first digitally native challenger platform for savings and investments.”

“We have huge ambitions for the future of Chip. We have a way to go, but I very much see our potential to be the next Fintech unicorn,” said Rabin. “There is a vacancy for a category-defining savings app, and we’re going to fill it.”

Chip says that in the past 12 months the app has grown to over 250,000 users and more than doubled its deposits rate.

Auto-saves on Chip were said to have experienced a significant increase, with May being the highest on record with £114.69 on average per user per month. Compared to the start of lockdown in March (£74.79), July’s monthly auto-save amount went up by 42% to £106.33.

Chip most recently raised £2.6 million from 4000 individual investors in a securities offering this past April.


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