Total amount raised
£50.4 Millions
Latest funding date
11/1/2023
Location
Chip has successfully raised funds through multiple equity crowdfunding rounds, attracting notable investors like Crowdcube and Matteo Gamba. The platform leverages open banking technology to offer a seamless savings and investment experience.
Keep reading to explore the intricacies of Chip's fundraising journey and the investors backing this innovative platform.
What Is Chip?
Chip, founded in 2016 by Alex Latham and Simon Rabin, is a financial technology company based in London, England. The platform leverages open banking technology to help users save and invest money seamlessly.
With a team of 101-250 employees, Chip offers various savings accounts and investment options, including cash deposits, ETFs, and alternative passive investments. The app uses AI to automate savings and provides competitive interest rates.
Chip's mission is to enable customers to earn the best returns on their savings, making it a popular choice among over 500,000 users looking to build real wealth.
How Much Funding Has Chip Raised?
- Equity Crowdfunding
- Amount Raised: £1.3M
- Date: November 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the user base and enhance the platform's features.
- Equity Crowdfunding
- Amount Raised: £3.9M
- Date: November 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and marketing efforts.
- Equity Crowdfunding
- Amount Raised: £4.5M
- Date: September 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and expand the team.
- Equity Crowdfunding
- Amount Raised: £2.8M
- Date: April 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the app's AI capabilities and user experience.
- Series A
- Amount Raised: £11.2M
- Date: September 2020
- Lead Investors: The Future Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Equity Crowdfunding
- Amount Raised: £894.5K
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing product development and marketing.
- Equity Crowdfunding
- Amount Raised: £11.5M
- Date: October 2021
- Lead Investors: Crowdcube
- Valuation at Round: £88.786M
- Motivation Behind the Round: To fuel aggressive growth and international expansion.
- Equity Crowdfunding
- Amount Raised: £6M
- Date: March 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand the user base.
- Convertible Note
- Amount Raised: £3.6M
- Date: November 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Equity Crowdfunding
- Amount Raised: £4.7M
- Date: November 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling and improving the platform.
Total Amount Raised: £50.4M
Current Valuation: £88.786M
Key Investors
- Crowdcube
- Details: Crowdcube is a leading equity crowdfunding platform that allows businesses to raise capital from a large number of investors. It has facilitated funding for numerous startups and growth-stage companies.
- Investment Focus Areas: Crowdfunding, Startups, Growth-stage companies
- Notable Investments: Revolut, BrewDog, Monzo
- The Future Fund
- Details: The Future Fund is a UK government initiative designed to support innovative companies facing financing difficulties due to the COVID-19 pandemic. It provides convertible loans to eligible companies.
- Investment Focus Areas: Technology, Innovation, Startups
- Notable Investments: Not publicly disclosed
- Matteo Gamba
- Details: Matteo Gamba is an individual investor known for his involvement in various fintech startups. His investment strategy often focuses on early-stage companies with high growth potential.
- Investment Focus Areas: Fintech, Startups, Early-stage companies
- Notable Investments: Not publicly disclosed
What's Next for Chip?
Chip is poised for aggressive growth and international expansion, with a focus on developing market-leading savings and investment products. The company has already raised £7 million in its latest growth round, reflecting strong investor confidence. With a user base that has grown 60% year-over-year, Chip aims to leverage this momentum to become a fintech unicorn in Europe.
Future fundraising opportunities are abundant, with the current crowdfunding campaign on Crowdcube expected to attract more shareholders. This influx of capital will support Chip's ambitious plans for product development and market expansion. However, the company must navigate challenges such as maintaining user engagement and competing with other fintech firms.
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