Chip, the digital savings account, just raised £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 £1 million in under 10 minutes before hitting £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 “We’ve 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.”
“We have massive plans for the next 12 months. From a product perspective, we’re 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.
“It’s safe to say this is extraordinary, we’re very excited about all the incredible features we’re 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.
“We’re building the best savings account in the world, and we’ve only just begun.”
