31 May 2023

Chip records first profitable month

Written By FinTech Alliance

Chip records first profitable month

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."

Read more here.

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