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As it stands today, around 9650 investors have participated in the securities offering which is raising equity capital at a pre-money valuation of over £86 million. Sales are expected to close today.
Chip is targeting the savings market with a user-friendly app that offers a “one-stop shop for all things savings.” Chip negotiates with banks to help drive savings returns higher but also offers investment funds, powered by BlackRock. Chip reports over 400,000 users in the UK and deposits currently over £600 million. The company competes with Raisin – another European Fintech based in Germany that offers a similar service that has also experienced rapid growth.
Chip just launched its online funding round on October rapidly topping £1 million. It was reported that investor interest was so robust that it took the Crowdcube servers down.
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