Fintech Chip launches £7m Series B, reserves £1m for customers

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Automated savings app Chip is looking to raise further funding, and is tapping its own customers for cash.

In an email to users Chip announced that it is opening a £7 million Series B round, and that £1 million of that will be allocated to existing Chip users.

Individual customer investments are being capped at £1,200 in a move that the company says is necessary to "manage demand".

Customers wishing to invest must request an invitation to the Chip campaign on Crowdcube.

Last year Chip ran what was reportedly the most popular campaign ever on the crowdfunding platform, raising £3.8 million from over 6,500 investors.

Simon Rabin, Chip's CEO and founder, said in the customer email: "It’s been an amazing year growing Chip to 150,000 savers, processing £139m in saves and launching the beta of ChipX. But now it's time to go big.

To do this, we’re raising a £7m Series B investment and allocating £1m of it to you, our savers, to invest and own shares in our company and join in our success as we grow."

He continued: "Together we’re going to continue building the best savings account in the world - and we couldn’t be more excited for the journey."

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