The startup offers an automatic savings application that utilizes artificial intelligence and open banking technology to facilitate effortless savings for unexpected expenses. By automating the savings process, the application helps users accumulate funds more efficiently and achieve higher returns on their savings.
Funding
$61.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals struggle to save consistently due to a lack of discipline or the complexity of traditional savings methods. Unexpected expenses often derail savings plans, making it difficult to build a financial safety net.
Solution
Chip is a mobile application designed to automate savings and investment, helping users build wealth effortlessly. By connecting to a user's bank account, Chip's AI algorithms analyze spending patterns and automatically transfer small, manageable amounts into savings or investment accounts. The app offers a range of savings accounts, including easy access, cash ISA, and prize savings accounts, as well as investment options in funds managed by leading asset managers like BlackRock and Vanguard. Users can also set savings goals, utilize tools like interest rate calculators, and choose from various membership plans to optimize their savings and investment strategies.
Target Audience
Chip targets individuals who want to automate their savings and investment, particularly those who find it challenging to save consistently or who are new to investing.
Features
- AI-powered auto-saving functionality that analyzes spending habits and automatically transfers funds to savings.
- Recurring deposit feature for setting up customized savings plans.
- Integration with various savings accounts, including Easy Access, Cash ISA, and Prize Savings Accounts.
- Investment options in funds managed by BlackRock, Vanguard, and Invesco, covering diverse asset classes.
- Stocks & Shares ISA for tax-efficient investing.
- Savings goals calculator to project future savings growth.
- Interest rate calculator to estimate potential earnings.
- Basic (free) and ChipX (premium) membership plans with varying platform fees and access to investment funds.
- FSCS protection on eligible deposits up to £85,000 per banking license.