As was reported last week, Chip – a savings and investing Fintech – has launched a securities offering on Crowdcube. The firm rocketed to over £1 million within minutes. Today, Chip is nearing £10 million raised as over 7300 investors have decided to back the company.
Chip is raising growth capital in an equity offering at a pre-money valuation of £86.786 million. The success of the offering is driven by its recent growth reporting an increase in deposits of 548% during the past 12 months with users topping 400,000.
Chip states that its focus is to grow its userbase so utilizing crowdfunding makes sense as frequently investors will also be users of the platform and, at a minimum, a brand ambassador.
This is not the first time Chip has utilized crowdfunding to raise capital and the company claims over 17,000 “crowd investors.” Chip claims to have completed Europe’s largest crowdfunding campaign in 2020 raising £11.34 million.
While the offering is live for just 6 more days, it may be able to top last years’ funding.
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