Chip raises €13.6 million in new funding round

Chip, a provider of digital savings account, has completed what is now being tagged the biggest equity crowdfunding round of the year so far. The firm raised a total of €13.6 million from 12,954 investors on CrowdCube.

The crowdfunding round saw a remarkable level of participation as the firm raised €1.18 million in less than 10 minutes and reached €10.18 million in less than 48 hours. 

Of those 12,954, about 6,500 were new investors, growing the fintech firm’s community of shareholders to more than 23,000. This new development also makes it the second-largest investor community in the UK’s fintech sector. 

Last year, Chip conducted 2 other successful crowdfunding rounds in April and in September. This latest round comes on the heels of strong growth which saw its revenue increase by 500%.

The firm also saw a 60% surge in the number of users which reached 400,000. The total value of transactions processed via its platform also increased to over £640 million.

Launched in 2017, Chip’s core mission is to build the best and most reliable savings account in the world. The recent raise will be disbursed towards expansion-oriented moves across marketing, product development, and technology. The firm also plans to increase its headcount.