Automatic savings app Chip has collected £10.7m via Crowdcube and the government-backed Future Fund.
The funding was done as part of the company’s series A round.
Chip raised the money during 48 hours from 6,420 investors, arguably making it the largest convertible round in UK crowdfunding history as well as the largest crowdfunded Future Fund participation.
Chip will use the new cash injection to grow, keep developing its technology and to continue its ongoing discussions with VCs from a position of strength and build on the revenue models.
“This round means big things for Chip. The growth we’ve seen this year has been incredible, but it’s time to take the business to the next level,” said Simon Rabin, CEO at Chip.
“Right now we are presented with a huge opportunity to capture a slice of Europe’s €30trn savings market that’s ripe for disruption, and Chip is poised ready to accelerate and dominate this space as a market-defining savings and wealth management app.
“In conjunction with the Future Fund, the UK government’s initiative backing tech start-ups, we’ve been able to welcome thousands more savers into our investor community and become the largest crowdfunded Future Fund round in the country.
“However, perhaps the only downside to the overwhelming demand we saw with this round is that we have run out of allocation before the entire 25,000+ who requested access were able to participate. We want to give as many people as possible the opportunity to own a part of Chip and are therefore working on finding a way to allow for more capacity, so make sure you watch this space.”
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