Chip, an early-stage Fintech, has returned to Crowdcube to raise another funding round.
In 2021, it was reported that Chip raised £11.5 million in a funding round listed on Crowdcube. At that time, Chip saw almost 13,000 investors support the firm in an equity offering with a pre-money valuation of £86 million. Chip was recognized as the biggest equity crowdfund of the year.
Today, Chip is raising equity at a pre-money valuation of £167,860,000. Currently, Chip has raised almost £5 million, supported by almost 5,000 investors.
In total, Chip reports having raised £43.5 million, backed by 27.5k shareholders.
Chip is a “super App” that aims to help people save and earn money. The company states that it has doubled its monthly active users in 2023 to 219,000, with deposits topping £3 billion.
Chip expects to use additional money to create an offer a Cash ISA as well as update and augment investment offerings.
Currently, Chip promotes a 4.84% AER (variable rate) on up to £250,000 in instant access savings. Chip also offers funds and other ISA alternatives. The company aims to simplify the investing process for the masses.
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