AI-powered savings app Chip banks £7.3m investment

Ben Heathcote

In App Deals. November 6, 2019

Chip, the artificial intelligence-powered personal finance and savings app, has raised £7.3 million in a record-breaking equity crowdfunding round. The startup attracted £3.8 million from the public, with the remainder coming from angel investors.

The free app, which is available on iOS and Android, helps users save by automatically deciding how much they should save and transferring funds into a savings account. Chip will use the investment to scale operations and expand its team.

“The most powerful way for Chip to grow is to have thousands of investors advocating for the product they believe in,” said CEO Simon Rabin. “It’s amazing to have this many Chip savers as investors in the company. We’ve proven there’s a big demand for Chip, and we’re ready to scale – we’re going to use our investment to grow and deliver a product that will fill a huge gap in the market.

“Many of the other big names in FinTech are focused on making spending easier. Monzo have the current account, Curve are disrupting credit cards, Revolut have the travel card, but Chip… Chip is for saving.”

The investment follows a year of growth for Chip, which has also made a number of key appointments including CTO David Kavanagh, COO Sharon Miles and CCO Gerard Hurley. Monzo co-founder Gary Dolman also joined as an advisor to the board.

David Kavanagh added:

“The savings market is archaic, broken and ineffective. People want more from their savings accounts, so they are voting with their capital.

“Chip has raised VC-levels of funding from its users and supporters, demonstrating that what customers want is a market-changing product that is easy to use, helps them save, and offers the best possible rates in the market.

“It’s an incredibly exciting time for the company and I’m delighted to have joined it as such a pivotal stage. I look forward to working with the team at Chip to help set a new standard for savings apps.”

Last year, Chip celebrated a record-breaking fundraise on Crowdcube when it attracted more than £4 million from over 7,000 investors. It now boasts more than 150,000 users.