UK based wealth app recorded its first profitable month since its formation six years ago
IN BRIEF:
- Chip counts 27,000 investors having run the business off the back of successive crowdfunding campaigns
- Chip says it has experienced stand-out growth in 2023, driven largely by its Instant Access Account which offers 3.82% AER
- The company reported 171% growth quarter-on-quarter growth in annual recurring revenue and £2 billion in deposits
What does this mean?
Simon Rabin CEO says: “Profitability is a huge moment for any scaleup. It means the business is essentially self-sufficient and can drive profits into faster, more aggressive growth. While our incredible savings offering has provided us with a launch-pad, we’re delighted to see many customers begin to diversify their portfolio across our range of products."
