Chip Tops £11 Million on Crowdcube, Largest Ever For Platform [u]

Fintech Chip has raised over £11.5 million for its equity offering on Crowdcube.

According to a note from Chip, 12,954 investors participated in the securities offering making it the biggest equity crowdfund of the year as well as the biggest equity crowdfund held on Crowdcube of all time.

Chip raised the equity capital at a pre-money valuation of over £86 million.

Chip is targeting the savings market with a user-friendly app that offers a “one-stop-shop for all things savings.” Chip negotiates with banks to help drive savings returns higher but also offers investment funds, powered by BlackRock.  Chip reports over 400,000 users in the UK and deposits currently over £600 million. The company competes with Raisin – another European Fintech based in Germany that offers a similar service that has also experienced rapid growth.

Chip just launched its online funding round on October rapidly topping £1 million. It was reported that investor interest was so robust that it took the Crowdcube servers down.

Simon Rabin, CEO and founder of Chip, issued the following statement:

“We’ve been blown away by the response to our latest crowdfunding campaign. This is a huge validation of the strong position Chip is in, and our ambitions to build the next fintech unicorn. We have massive plans for the next 12 months”, Simon continued. “From a product perspective, we’re looking at more market-leading savings accounts, more investment funds, and more automatic investing. We also have aggressive growth plans, across several marketing channels, as we aim to increase our user base further. It’s safe to say this is extraordinary, we’re very excited about all the incredible features we’re going to deliver, the growth this round is going to fuel, and having even more shareholders and users on board for the next stage of our journey. We’re building the best savings account in the world, and we’ve only just begun.”