London-based fintech startup, Chip, which acts as a personal finance manager raised €11.5m in its Series A funding within just 2 days, thanks to help from Crowdcube and Future Fund. Future Fund is the UK Government’s initiative to fund startups and small businesses using crowdfunding. These crowdfunding platforms ensured large participation of investors who facilitated this large funding.
Miraculously, the company secured €2.1m in under 10 minutes largely because 25,000 people pre-registered to invest. Within the first hour, a whopping €4.3m was raised.
It is noteworthy that Chip is all set to “capture a slice” of the €30 trillion Savings Market of Europe, which is reportedly ripe for disruption.
Chip’s features and the plan ahead
Chip is an AI-driven financial app with an ‘autosave’ feature. It uses AI to save money for users and give them better returns, all automatically. Specifically, the AI decides how much money to save, and alerts users about the process. Currently, Chip has 280,000 registered customers and has tripled its workforce.
The company is already at the summit of its growth curve and has already surpassed its targets for the year. It is planning to use the generated funds to fuel their premium service, ChipX. Part of the funds will also be directed towards the improvement of infrastructure and accessibility to more deposits.
Chip CEO Simon Rabin spoke about the humongous achievement, saying “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. We’ve been able to welcome thousands of more savers into our investor community and become the largest crowdfunded Future Fund round in the country”.