A money-saving app has greater than doubled its crowdfunding goal in a ‘record-breaking’ fundraise.
Fintech agency Chip has secured £2.6m from over 4,000 traders in its Crowdcube fundraising marketing campaign.
The corporate, which permits customers to economize frequently by its app, exceeded its £1m crowdfunding objective inside hours of the marketing campaign launch.
The brand new funding will probably be used to speed up Chip’s development, together with the launch of an FSCS protected financial savings account by a associate financial institution, in addition to to ship new options to accommodate the altering behaviours of their savers for the reason that starting of the COVID-19 pandemic.
Simon Rabin, CEO and founding father of Chip, stated: “We’ve seen unprecedented development throughout these troublesome occasions, which demonstrates that Chip is extremely helpful for placing cash apart for security web and emergency funds.
“Off the back of this growth, we wanted to share the opportunity with our investor community, and have been overwhelmed by their response.”
Luke Lang, co-founder of Crowdcube, added: “The elevate with Chip exhibits that, regardless of the larger financial turmoil, there’s nonetheless an urge for food from communities and on a regular basis traders to help startup and scaleup companies.
“Traders see that Chip is a service that helps folks handle their cash and save and so they wish to give help to that motion.
“Chip’s growth is over and above the fintech app’s greater market growth which has seen average weekly app downloads jump 20 per cent between the end of last year and the first three months of this year.”
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