Chip, the digital savings account, just raised 拢11.5 million through an equity crowdfund on Crowdcube. This money was from 12,954 investors and is the largest crowdfund ever held on Crowdcube.
This was the biggest equity crowdfund of the year, and Chip raised 拢1 million in under 10 minutes before hitting 拢8.6 million in just 48 hours.
Led by CEO and founder Simon Rabin, Chip added 6,500 new investors through this crowdfund which takes them to over 23,000 people in their shareholder community.
They are now the second biggest investor community in the UK FinTech scene and Chip is going to use the capital they raised in order to expand their marketing, products and technology.
They are also looking to recruit new members to their team, with the company’s revenue growing over 500% in the last year and its user base (over 400,000) by 60%, it is looking towards a European expansion.
Simon Rabin has commented on this latest round of funding, commenting that聽鈥淲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�
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.
鈥淲e鈥檙e building the best savings account in the world, and we鈥檝e only just begun.鈥�
