Chip, a UK-based AI-powered app that enables users to improve their savings, has raised a total of £7.3m.
The fintech firm secured £3.8m through crowdfunding, while the remaining amount was raised from angel investors.
The proceeds will be used to bolster the capacity of the app to cater to a large number of users. Chip plans to use a section of the investment to expand its team and roll-out a marketplace for returns products.
Chip CEO Simon Rabin said: “The most powerful way for Chip to grow is to have thousands of investors advocating for the product they believe in.
“It’s amazing to have this many Chip savers as investors in the company.”
“We’ve proven there’s a big demand for Chip, and we’re ready to scale – we’re going to use our investment to grow and deliver a product that will fill a huge gap in the market.”
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Chip app procures data from the users and assesses the information to determine the optimum savings level.
The amount is automatically saved into the Chip account, where customers can also transfer money manually.
Customers can connect the app with their bank accounts to receive savings insights.
Earlier this year, Chip entered into an open banking partnership with Emma, a local money management app.
The partnership allows Chip customers to track their savings and savings goals through Emma’s dashboard.