Chip crowdfunding

Chip are crowdfunding again, as part of their Series B raise.

And if you want to invest, they’re saying that this might be your last chance

  • Disclosure: This will likely be the last time Chip allows public investors to participate in a round. (A-Shareholders excluded)

quote from their website

They’ve shared the details in this post in their Facebook community, to save you a click, here’s what they said. You can request access to the round here.

Afternoon ChipMunks!

Sorry we’ve been quiet for a little while… but we’ve been busybusybusy and we have some super exciting news for you!

Our Series B investment round is here!

We are incredibly proud to announce that we are raising a £7 million Series B, valuing the company at £36,786,000 pre-money, and £44,086,000 post-money, representing a 141% increase in valuation in just eight months.

This enables us to continue accelerating our rapid growth and invest in our product, technology, and team in the coming year. We’ve smashed our 2019 targets and now it’s time to cement the business as a UK fintech to be reckoned with.

We have agreed to extend our investor community and let new ChipMunks join and invest in Chip.

We are offering the remaining allocation for ChipMunks to invest in Chip and own a stake in the business.

In return for your amazing support so far we’re giving you the chance to own a piece of the company and share in our success as we aim to build Chip into a billion pound business alongside our friends Monzo and Revolut :unicorn:.

Our Series B comes earlier than anticipated after we’ve exceeded growth expectations for 2019.

In the last year we’ve;

  • grown accounts to 153,000;
  • processed £139 million;
  • launched Chip 2.0 and the beta of ChipX;
  • quadrupled the size of our team;
  • won a prestigious British Banking Award;
  • welcomed senior management from Funding Circle, Purple Bricks, Barclays and Monzo.

Our board and lead investors want us to accelerate our growth further, roll out our new FSCS protected accounts and fully deploy ChipX over the next year.

To manage demand, and to allow as many savers as possible to become investors we’re capping investments to £1,200 per person. Last year we ran what was the largest Crowdcube raise ever so we’re expecting demand to be very high. This cap is in place to make sure the round is not monopolised by larger investors and enables as many people as possible to participate.

This morning our existing investors raised £1m in 54 minutes. We’re expecting this allocation to go very quickly, so we’re asking you, as a Chipmunk, to request access in advance to ensure you don’t miss out.

Request access here: https://www.getchip-community.uk/investor-round

(Capital at risk)


Our board and lead investors want us to accelerate our growth further, roll out our new FSCS protected accounts and fully deploy ChipX over the next year.

Chip were planning to apply for a banking license so does that mean that this is the final step before they launch the bank?

Are you thinking about investing again @Marsares?

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…and i’m finished reading

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Yes, I have invested in all their rounds and will again. I have pre-emption rights so will invest an anti-dilution amount as a minimum, probably more.

The team really have turned a corner and are now primed for growth, especially with the new CTO and COO and other prime hires. ChipX has the potential to be a game-changer, by creating a market place of interest-based products, from deposit account interest rates up to P2P and other products

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what happened there?

also did they have any institutional backing in this round which they call series B?

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The usual growing pains of a startup: a few people that have a good idea which suddenly takes off, but then you are faced with technology and organisational issues around scalability.

With 153k users and rapidly growing, you need to have highly scalable technology and a more mature team structure.

They got that now, as well as a platform that is flexible enough to add features in a proper agile delivery method.

That’s what I meant with “primed for growth”.

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