Digital savings account Chip has raised 拢11.5 million from 12,954 investors – the biggest equity crowdfund of the year and largest ever held on Crowdcube.
As part of the record-breaking round, Chip raised 拢1m in under 10 minutes and hit 拢8.6m in under 48 hours.聽
It saw the company add 6,500 new investors, growing its shareholder community to over 23,000 and making it the second biggest investor community in UK FinTech.
In the last year the company has increased revenues 500%, grown its user base by more than 60% to over 400,000 and processed more than 拢640m in savings.
The company plans on using the capital to fuel growth activities across marketing, product and technology. Chip is also looking to significantly increase the size of the team as it eyes European expansion.
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鈥淲e鈥檝e 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,鈥� said CEO and founder Simon Rabin.
鈥淲e have massive plans for the next 12 months. From a product perspective, we鈥檙e 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.
鈥淚t鈥檚 safe to say this is extraordinary, we鈥檙e very excited about all the incredible features we鈥檙e 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.聽
鈥淲e’re building the best savings account in the world, and we’ve only just begun.鈥�
Crowdfunding