Chip uses an AI-powered algorithm to calculate the savings.
Chip, an artificial intelligence-powered savings app, has completed its Series A funding round on Crowdcube. The money-saving app has successfully raised more than £4 million and attracted 7,036 investors on the equity crowdfunding site.
The company aims to engage millions of users from the UK to better manage their money and assist in savings. With its approach to creating “the best savings account in the world,” the money saving app has over 75,000 accounts and was able to process £58m of savings. Also, since receiving Crowdcube’s third most significant ever raise last year, the Chip has secured £36 million of deposits.
Simon Rabin, Chip’s founder, and CEO says,
“We believe we’re building the best savings account – one which makes stashing away money as easy as spending it. This record-breaking funding round will allow us to accelerate this, on-boarding millions of more users and launching new innovative features. We’re hugely excited to welcome so many new investors into the Chip family.”
With this record-break funding, the company intends to launch more products in 2019, which will include ChipX and features like instant saves, transaction roundups, smart goals, and a few more. It will further help the Chip users to clinch additional returns by lending to other users who are overdrawn at a lower cost.
Furthermore, the Chip app funding will assist in on-boarding of Chip’s waiting list. The Chip app is currently available on the App Store and Google Play.
Chip app is designed to manage the user’s money intelligently, based on spending behavior. The app algorithm calculates how much money can user afford to transfer into the Chip account, and automatically transfers small amounts of money from the current account into the Chip app account.
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