Savings FinTech Chip has announced it is raising a growth investment round.
In Brief:
This will be through a combination of crowdfunding and institutions.
It aims to raise £100mn within 24 months.
The platform now has daily deposits of over £5mn.
What does this mean?
Chip has achieved a lot of growth over the past year, including positive growth in revenue for the first time in August 2021. The total amount of savings it has processed is now at over £600mn. It has also made a foray into investing, powered by BlackRock. The next fundraise will not only engage institutions, but boost customer loyalty by enabling users to feel even more connected to Chip.
